Ryan Cornelius
Ryan Cornelius | |
|---|---|
| Born | Ryan Cornelius |
| Status | Incarcerated |
| Occupation | Property developer |
| Known for | Dubai Islamic Bank fraud case |
| Criminal charge | Fraud |
| Criminal penalty | Prison sentence |
Ryan Cornelius is a British property developer who became the subject of international attention following his conviction in the United Arab Emirates for fraud related to real estate financing. He was convicted in 2010 of defrauding Dubai Islamic Bank (DIB) in connection with a property development transaction during Dubai’s pre-2008 real estate boom.
Legal case
In 2010, Cornelius was sentenced by a Dubai court to ten years’ imprisonment after being found guilty of fraud involving loans provided by Dubai Islamic Bank for a property development project. The case arose from a cheque-based financing arrangement, a common practice in the UAE at the time, under which post-dated cheques were used as security for real estate loans.[1]
In 2018, following the completion of the initial sentence, Cornelius remained detained after the Dubai courts imposed an additional sentence linked to the outstanding civil liability, reported to be approximately US$430 million. Under UAE law, imprisonment may be extended in cases involving unpaid debts supported by criminal judgments, particularly where dishonoured cheques are involved.[2]
See also
References
- ^ "Paradise lost for jailed Dubai expats". The Sydney Morning Herald. August 12, 2010.
- ^ Kerr, Simeon (November 30, 2018). "Family of UK businessman jailed in Dubai pleads with Foreign Office". Financial Times.