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Any one know the law?

Last activity 07 October 2009 by Seabee

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dontknowwhattodo

Dear members,

I wanted to know if any of you have any idea of what the law is over here for a person in my situation.

I have bounced cheques worth 10 million in my hand.
I owed the Bank about 7 million.
I have already paid the bank 4 million
Now i owe the bank 3 more.

The bounced cheques are of people who have left UAE. I dont have any more money. Infact the person who has handed me bounced cheques was the customer of the same bank that i owe money to. And he has also taken their money (personal Loan) and left.

Now obviously the bank is not going to take action against themselves..

I dont want to leave Dubai since ive lived here for 35 years. Moreover i am not a coward and i want to pay whoever i owe. But i need time to make that money in this market or hopefully get something out of these guys who fled.

Anyone got some advice.
My Previous post has 72 view but no replies... i would appreciate any advise here.

zaheed3542116

Dear Mr. Dontknow what to do,

Let me clarify you that anybody issues cheque printed with his name/account number is responsible for keeping sufficient funds. whether it is cusotmer/employee/management/ or director will be behind bars. Because everything is controlled in dubai by central bank.....

Please reply if you have any doubts..

Regards,
Zaheed

Seabee

You have to negotiate with the bank.

And if you haven't already done it, report the bounced cheques to the police. As I'm sure you know it is illegal to issue cheques without the funds to cover them.

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