Don't bounce that cheque!
Posted in: In The Black
Posted by: James Brock on March 28, 2010 5:28 PM
Tags:
cheques,
The National reported today that banks in Dubai will within six months be able to report bounced cheques directly to the police, and that the system could eventually be used nationwide. The usual technical details are being ironed out, but once they are resolved it will be much easier for financial institutions to deal with cases of rubber cheques. And since the offence is punishable by prison sentences, make sure you stay on the right side of the law.
How is the law going to deal with the absentee cheque owner ?
If a "false signatoree" on a cheque is used by a "conman", according to UAE law the crime is done by the absentee "false signatoree" and not by the conman.
For instance, you buy a car using a cheque "pre-signed" by the account holder who has long since left the country and the bank account is closed; then the claim will always be against the absentee account holder and not against you. So you can go on committing as many crimes as you want using pre-
signed cheques; the courts will always protect you!
Unbelievable but true!