Dubai, Jul 21 (IANS): Two Indian men have been accused of illegally obtaining 220 million dirhams from a Dubai company after establishing a fake oil refinery to lure shareholders, a media report said.

The Dubai Court of First Instance heard on Monday that the 44-year-old Indian defendant, who is at large, worked for a Dubai company specialised in foreign investment activity like buying shares and bonds from international stock markets, reports Gulf News.

He had the authority of trading with $30 million per day to buy shares and bonds from the international stock markets.

According to Dubai Public Prosecution, the defendant facilitated the crime of the 46-year-old Indian businessman and others for a 25 million-dirham bribe.

He and others established a foreign company and registered it under the name of the father of the second defendant, who is in custody, to buy a bankrupt company specialised in computer training and change its name and nature of activities to that of an oil refinery.

According to official records presented to the Dubai Court of First Instance, the defendants told the Indian stock market that they bought a German oil refinery and established it in India to get permission from the market to issue bonds by public offering of shareholders for the company.

They transferred the 220 million dirhams to accounts belonging to the defendants and four other companies.