Six-times champion Flat jockey Fallon, who hung up his saddle in 2016, gave the Nigel Tinkler-trained Kilbaha Lady every chance over the straight mile, but could never quite get into a winning position.
That honour went to Bell, who gave up riding through injury in February 2018 and is now assisting her partner Philip Makin in his switch from jockey to trainer.
Destroyer had taken the 16-strong field along that raises money for the National Horseracing College and Jack Berry House, but was swamped as the pace hotted up over two furlongs out.
Trained by Richard Fahey, Dubai Acclaim (5-1) hit the front and just held the late flourish of Noel Fehily on Hammer Gun by a short head in a thrilling finish.
Flying Dragon was three-quarters of a length away in third, with another two and a quarter lengths back to Fallon and Kilbaha Lady in fourth.
Fallon – riding for the first time on the same card as son Cieren junior – said: “I thought I was going well enough to win, it was just when I asked her to quicken she just didn’t let herself down on the ground.
“I travelled better than anything and thought I was going to win, but we didn’t. It’s all for a good cause, though.”
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