A Hacker allegedly transfers 500,000 USD from an American bank account to a financial service company in Dubai intending for a stock market investment.
A Hacker allegedly transfers 500,000 USD from an American bank account to a financial service company in Dubai intending for a stock market investment. According to reports, the account was hacked in March 2013, and the money was transferred in three installments to the Financial Service company’s account. And some amount of the profit was withdrawn by an unidentified American. The bank account holder realizing that his account has been hacked, approached the financial company to retrieve his money. The company agreed that the money was received but refused to refund. The bank account holder then filed a case against the financial service company stating that he did not authorize any transaction with the company. The Dubai civil court assigned an auditor to investigate the case. According to the case study submitted to the tribunal, the transfer of at least half of the money did not have account holder’s consent. A third party received the money, who later initiated the transfer to the Company. The financial company submitted documents to the court which includes an agreement, a transfer letter, and a withdrawal application claiming that the money received had authorization from the American national. The American National's legal consultant, Hassan Elias, from Al Rowaad advocates, presented the original passport copy and the ID card of his client in the court and claimed that it was different from the passport copy and ID card submitted by the financial company. After the verification, the court ordered the Financial company to repay 250,000 USD with an additional interest of 9 percent from the date of the claim.The court said that rest of the money was found to be transferred with the account holder's authorization hence cannot be refunded.