Image

Ryan Cornelius (inset) recently finished serving a 10-year jail term for fraud.

PHOTO BY DUBAI COURTS/SUPPLIED


Briton gets extended Dubai jail term over $501 million fraud

 

DUBAI – A British property developer and hotelier convicted of defrauding a bank in the UAE of $501 million has been given a 20-year extended jail term.

Ryan Cornelius, 64, recently finished serving a 10-year jail term for his part in the fraud linked to the $501 million loan from Dubai Islamic Bank. He was first detained in 2008.

The Dubai court recently ruled that his sentence be extended by 20 more years unless a $430 million loan (Dh1.6 billion) is repaid.

The Dubai Islamic Bank brought new proceedings against them to recover the loan, using a law designed to extend sentences for those who defraud the government, which holds a stake in DIB.

According to court documents, Cornelius obtained the loan under false pretenses in collusion with two Pakistani bank officers, Omair Mooraj and Rifatul Islam Usmani, and another British businessman, Charles Ridley.

The four men were convicted of fraud in 2011 and sentenced to 10 years in jail. They were also fined $500 million and obliged to repay the loan.

The money was reportedly used to invest in projects, including a Canadian oil refinery that they planned to rebuild in Pakistan, and a polo, equestrian, hotel and luxury villa complex in Dubai’s desert. GAD/Expat Media

Share


ADVERTISE HERE Find or post new jobs, motor ads and classifieds

Explore Expat Media