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Dubai: Two men jailed for defrauding 600 investors out of Dh300 million through fake real estate firm
When the two accused continued to procrastinate and failed to grant a victim access to his purchased property, he filed a police report against them
Two Arab men have been convicted for tricking an investor out of Dh422,000, after they offered him the chance to invest in a real estate project outside the country.
Dubai's Misdemeanour Court in Dubai sentenced them to one month imprisonment and ordered them to pay back the fraudulently seized amount. This verdict was upheld by the Court of Appeal.
According to police records, an investor filed a report stating that he had been defrauded by a real estate developer for a project outside the country. He said he had contacted the two accused as they claimed they were the managers of the real estate company, so that he could buy property. They suggested that he buy a property in Turkey, to which he agreed.
However, the company did not fulfil the terms of the contract, and the man did not receive access to the property on time. When the two accused continued to procrastinate and failed to grant him access to his purchased property, the man filed a police report against them.
Investigations revealed that the company was fake. It had established offices all across the UAE and had published advertisements in several newspapers as a means of promoting fictitious projects outside the country.
The convicts, through the fake company, were able to defraud about 600 investors and fraudulently seize a total of Dh300 million.
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