A hacker has made an unauthorised transfer of Dh1.8 million from a bank account of an American man in the US to a financial services company in Dubai to invest the money in stocks, a Dubai court heard on Tuesday.
The unknown hacker managed to get access to the bank account from Seattle in March 2013 and transferred $500,000 (Dh1.8m) in three instalments to the company’s bank account in Dubai before an unidentified man managed to cash some of the profits after claiming he was the American national.
When the American came to know about it, he contacted the financial company in Dubai to reclaim the money but the company refused to return the money.
While people in charge in the company admitted to receiving the money, they refused to return it to the American complainant, which prompted him to file a civil case against the company.
When the court assigned an audit to study the case and determine the source of the money, it was confirmed that the American claimant did not authorise the transfer of at least $250,000 out of the total $500,000 that were moved.
According to the report’s findings, the other half of the money was transferred to a third party who transferred it to the company.
After the submitted documents were verified, the financial company was ordered to repay the $250,000 in addition to a nine percent interest rate on the amount from the date of his legal claim in September 2016.
Dubai Civil Court ordered the company to repay an amount of $250,000, which according to the auditor’s report was not transferred using the American’s authorisation. They were also ordered to pay the man 9 per cent interest on the amount from the date of his legal claim in September 2016. However, the court decided that the rest of the amount could not be returned as there was evidence to suggest that he did sanction the transfer of it.
The American appealed the case but the ruling was upheld. He, as yet, has not filed a criminal case.
The hacker remains at large.