A Saudi man is facing an uphill legal battle to get back SR1 million he claims was stolen from his account by an employee of the bank where he had his money deposited. Muhammad Al-Zahrani said he deposited the SR1 million in his account at an investment bank in Riyadh three years ago. Officials from the bank have so far failed to respond to telephone calls from Okaz. However, a source at the Saudi Arabian Monetary Agency (SAMA) said that the regulatory body has sent a letter to the bank objecting to the withdrawal of the amount from his account. The source said SAMA has asked the bank to provide it with a report of the transfer of the funds. In addition, security sources confirm that the Riyadh police are also looking into the case. Al-Zahrani said he deposited the SR1 million in an investment fund at the bank according to an agreement concluded by the two parties three years ago, “but after a short time, SR600,000 was withdrawn from my account by an employee in the bank”. Al-Zahrani claims the bank employee opened a “bogus account” and an investment portfolio on the Internet and “started trading with my shares. He also withdrew the SR400,000 remaining in my account”. “When I approached the bank, it claimed that the employee was my relative, despite the fact that I denied this. I also asked why this had anything to do with the withdrawal of the amounts from my personal account. Then the bank started procrastinating, foot-dragging and maneuvering regarding my complaint.” He said he then referred the matter to the security authorities because he has not been able to get his money. Al-Zahrani stressed that no one, not even his brother, has the right to have access to his personal account and withdraw his money. “What happened is clear negligence and laxity in implementing the law. I will not keep silent about restoring my rights and the profits on the amount that was in the account,” he said.
