Showing posts with label Property Fraud. Show all posts
Showing posts with label Property Fraud. Show all posts

Monday, 23 August 2010

Dubai court Fraud Case Dynasty Zarooni - Ebony Ivory Towers Al Fajer Properties

source Emirates Business 247

The Dubai Court of Appeal heard on Thursday two cases related to Dynasty Zarooni in which the company, its
owners and executive are accused of defrauding property investors of a total of Dh1.2 billion.

In the first case, the court, which was supposed to give a verdict regarding a request made by 36 investors for instating defrauding accusation, adjourned the case to September 23 for verdict as one of the three accused failed to attend the hearing.

In 2009, the plaintiffs had filed complaints claiming that Dynasty Zarooni, the company’s partner, CEO and managing director, Kabir Mulchandani, and its
British executive, RG, had sold investors plots of land that did not exist. The case was dismissed by the prosecution after reviewing a report handed in by a property market expert assigned by the accused.

The plaintiffs challenged the decision considering that flawed investigations were conducted.

Al Shaali and Company, representing the plaintiff, submitted in an earlier hearing his defence saying the prosecution combined non-related complaints filed to police against Dynasty Zarooni into one case and failed to investigate the property fraud.
In the second case, the 36 local and overseas investors appealed the acquittal sentence awarded in the favour of Dynasty Zarouni, its
Emirati partner Hilal Zarooni, CEO and managing director and executive on May 30.

The subject of this case was that the company and its officials have set up a bogus investment portfolio and promised them hefty returns and defrauded investors of Dh893 million.

They complained that KM received subscription fees of Dh300,000 a
month from 12 members of the so-called "investment club" with a promise
of hefty monthly returns six months after investing their money in real
estate projects, which they claimed they did not receive.

They also claimed that there were no escrow accounts for projects they had invested in.

Besides, they complained that the accused made announcements
regarding projects( Jumeirah Business Centre 6,7,8,9 or Ebony and Ivory Towers) contrary to reality. Some projects claimed to be in
construction proved to be sandy lands.

The sentence of the Court of First Instance was based on a report presented to the court by the defence lawyer proving that investors had received more than Dh232m in profits.
send 8/23/2010
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Wednesday, 4 August 2010

How a 11 year old girl is fighting for her dad - Dubai developer is facing longer prison term

source 7 days
Sara Qurashi, 11, launched ‘Justice For My Dad’ in May after her father Safi, owner of Great Britain on The World islands, was sentenced to four years in prison for bouncing two cheques.

The father-of-three has now been given a further three years to serve behind bars for a third stopped cheque. The three cheques relate to a property deal with a Russian client and total dhs200 million. Qurashi denies any wrongdoing and says the cheques should never have been cashed. Sara said:

“My dad had lawyers and he believed justice would be done. But now my dad has been given a sentence of seven years in jail. So that’s why I am trying to help him.”

continue reading.......

and ....   article 7days from July Girls gutsy bto free her Dad

The case details are shown on Sahra Qurashi"s Website:

www.justiceformydad.com

Here you will also find the letter she wrote to HH Sheikh Mohammed bin Rashid al Maktoum, Ruler of Dubai

Sahra`s messages are also on Twitter  and Facebook



read also from the National August 1, 2010
British Developer fires lawyer to defelnd his own case
DUBAI // A British investor who is appealing a seven-year

sentence for three counts of issuing bad cheques dramatically dismissed his defence team in court yesterday.

Safi Qurashi appeared at the Dubai Court of Appeals on a charge of dishonouring a Dh179 million cheque to a Dubai-based trading company.

Mr.Qurashi denied the charge before Presiding Judge Adnan al Farra. He said he had presented the cheque as security to an investor he represented in a property deal at The World islands project.

In a surprise move, the defendant then asked for the dismissal of his legal representation. “I would like to submit my own defence,” SQ told the court.

Advocate Mariam al Falasi, from law firm Hussain Lootah & Associates, told the court her firm had not been notified of any dismissal and presented her power of attorney letter to the court.

continue reading...

send 8/04/2010
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Sunday, 18 July 2010

Al Fajer Ebony and Ivory Towers - Investors appeal in property Fraud Case

source The National

DUBAI // Plaintiffs who claim they have been defrauded of more than Dh1.2 billion by a property developer have asked that the dismissed charges against the company be reinstated.

The 36 investors want the Dubai Court of Appeals to reopen the case against Dynasty Zarooni that public prosecutors had declared groundless. They claim that flawed investigations were conducted by prosecutors.

Two cases were filed by the plaintiffs last year against the company, its Indian chief executive Kabir Mulchandani, his Emirati business partner and managing director Hilal Zarooni  and the British executive R G.

The first case, which was referred to court, charged the men with setting up a bogus investment portfolio and defrauding investors of Dh893 million. The Dubai Court of Misdemeanours acquitted them on all charges on May 30.

The court reached its verdict after the defence presented documents that proved contractual agreements between the investors and Dynasty Zarooni. The documents showed that the investors had received more than Dh232 million in profits from their investments.

The second case alleged that Kabir Mulchandani and his co-defendants committed a property fraud by selling investors plots of land that did not exist. Prosecutors dismissed the case after reviewing a report by a property market expert they assigned to investigate the allegations.

Lawyers of the law firm representing the plaintiffs, Al Sha’ali & Co, told the appeals court yesterday that the second case had been dismissed illegally.

They claimed that prosecutors had combined unrelated police complaints filed against Dynasty Zarooni into one case and had failed to investigate the property fraud properly. The lawyers held that the escrow accounts registered to the company were not investigated and did not exist. They claimed contractors( Al Fajer Properties) presented by Dynasty Zarooni as the builders of their Ebony and Ivory towers testified under oath that they had not taken part in any construction projects with the company.

“Three contracting companies have testified to prosecutors that they only signed agreements with Dynasty Zarooni but have not conducted any business with them,” said lawyer Mohammed Safwat.

A separate case has been filed against the property expert who conducted the initial investigation, according to defence documents presented in court.

The documents allege that the expert had not conducted his evaluation properly and was legally bound to be prosecuted.

The court was also asked to present a different court-appointed expert to review the case.

The court will hear from the defence on July 22.
send 7/18/2010
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