DUBAI - Ten Pakistani nationals are being charged in UAE for allegedly stealing huge amount of money from the local bank.
They allegedly steal USD 1.6 million from a bank using electronic codes, media reports said.
The accused carried out fraudulent transactions through electronic transfer codes with the help of an employee who worked in the bank in Abu Dhabi, Khaleej Times reported.
The Abu Dhabi Criminal Court during the trial heard that the men - all Pakistanis - defrauded the bank to the tune of 6 million dirhams (USD 1.6 million) by deciphering codes and programming, using two devices called 'e-trader', the report said.
The accused landed in the police net after the bank reported about the financial fraud orchestrated by one of its employees.
The accused used electronic codes with the help of the main defendant - the bank employee - who also had knowledge of the codes of the payment devices of the e-trader, according to the official court documents, the report said.
The men then programmed the electronic payment device and carried out fraudulent transactions, it said.
They used the e-trade devices to make it appear like the bank has paid off the shops with the money deducted from the customers' accounts after making purchases, but instead they transferred the cash to a bank account in an Asian country.
Prosecutors charged them with fraud and unlawful transfer of the bank's funds by using IT methods.
All the men denied the charges in court.