Sharjah Police have arrested a man who allegedly attempted to steal Dh2.8 million ($760,000) from an advertising company in the emirate.
The man, who is suspected of attempted fraud, was said to have hacked the email address of the company and spotted an imminent transaction with a client in a Gulf country worth Dh2.8m.
He allegedly convinced a client to send money to his bank account, which he said was the advertising group's new account details.
“We received the emergency call from the corporate at 3am about the email fraud," said Lt Col Mohammed bin Haidar, deputy director of Al Buhairah Comprehensive Police Station.
“The suspect emailed the company using the official email address and asked them to wire the money to a different bank account claiming the corporate changed the payment account. The second company transferred Dh2.8m.”
On Wednesday, the man, whose name or nationality was not disclosed by police, withdraw Dh1.1m by visiting seven different bank branches across the UAE.
"A team of officers identified the suspect and he was arrested while withdrawing the money from a bank at one of the emirates,” said Lt Col bin Haidar. "He was transferred to Public Prosecution for [attempted] fraud."
He said police intercepted the man eight hours after being alerted of the alleged swindle.
Sharjah Police called upon private sector companies to stay vigilant and use an electronic system for payments to avoid being prone to fraudsters.
“It is important to monitor the bank accounts and use protection methods in the systems to spot unusual activities,” Lt Col bin Haidar said.
