Indian businessman in multi-million dollar fraud

Metal trader Patel fled the United Arab Emirates in the summer, leaving unpaid debts of as much as 272 million dollars. “The intention to cheat was crystal clear…His sponsor was a school cleaner, and that poses question marks on how banks could grant huge loans to Patel,” Dubai police chief Major General Dhahi Khalfan Tamim said.

“We as a security agency rule out that bank officials could have been duped,” Tamim told the Khaleej Times. “He (Tamim) said he could not rule out amounts were paid to bank officials to facilitate loans,” the daily said, without specifically naming any bank.

Patel had operated in the Emirates for 20 years through three main companies, with business interests extending through Asia and Europe. Late last month, the specialist Middle East Economic Digest quoted a Dubai-based foreign banker as saying that Patel had “an excellent payment record and banks were falling over themselves to lend.” The weekly magazine’s list of foreign banks involved in the loans included ABN AMRO, ANZ Grindlays, Banque Paribas, Barclays Bank and Citibank.