You’d think this story would be pretty big, but turns out only MarketWatch covered it. Try Googling this story. The only sites I see that discuss it are MarketWatch and a handful of Arab sources. Anyway, here’s a snippet of the story, courtesy of MarketWatch writer Mirna Sleiman.

“DUBAI (Zawya Dow Jones)–A senior Mideast executive at U.S. investment bank JPMorgan Chase & Co (JPM), is being detained in Dubai as part of a widening fraud investigation at Dubai Islamic Bank (DIB.AI), a police official said Sunday.

Omair Mooraj, who joined JP Morgan last year as managing director and head of Islamic banking for the region, is one of several people being held by Dubai police in the investigation, the official, who declined to be identified told Zawya Dow Jones. A spokesperson for JP Morgan in London declined to comment on the matter when called, as did JP Morgan officials in Dubai, United Arab Emirates.

Before joining JP Morgan, Mooraj was head of global project finance at Dubai Islamic, or DIB, the emirate’s largest Shariah-compliant lender. His departure from the Dubai bank was followed a month later by the replacement of then chief executive Saad Abdul Razak. The detainment is the latest in a string of arrests in this Middle East boom town, which is enjoying an oil-fueled spending and investment binge.”

I’m extremely perplexed that more media sources haven’t picked this up. Oh and by the way, it happened more than a month ago. I wonder how this will affect JP Morgan here? Perhaps it’s a glimpse of what’s to come for all investment banks?