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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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Dubai Dynasty Zarooni Fraud Allegations Widen,Bail At AED400M

Posted by 7starsdubai on February 4, 2009


http://www.zawya.com/Story.cfm/sidZW20090124000023/%3D%20Dubai%20Dynasty%20Zarooni%20Fraud%20Allegations%20Widen,Bail%20At%20AED400M/
 
        By Stefania Bianchi

        Of ZAWYA DOW JONES

        DUBAI (Zawya Dow Jones)–Dubai’s public prosecution has raised the bail to 400 million U.A.E. dirhams ($108 million) for Dynasty Zarooni’s Chairman Kabir Mulchandani, who is being held by police on fraud allegations, as more aggrieved investors lodge complaints, officials said.

        Mulchandani, whose mobile phone was turned off when called by Zawya Dow Jones Thursday, has previously denied any wrongdoing.

        An official at the public prosecution told Zawya Dow Jones that Mulchandani is being held on allegations of “fraud and embezzlement” and that he would have to pay the full bail amount in order to be released.

        According to lawyers at Al Shaali & Co., one of a number of Dubai-based law firms acting on behalf of the investors pursuing Mulchandani, the cases against the Indian businessman and Dynasty Zarooni involves projects in Dubai and Abu Dhabi worth more than AED5 billion.

        “We’re currently handling about AED500 million worth of cases,” Said Al Akkad from Al Shaali & Co. said Thursday.

        The law firm says the final value of cases against Dynasty Zarooni could rise much higher as other investors involved in Dynasty Zarooni’s apparent AED21 billion real estate portfolio come forward.

        “There are a lot more investors out there who want to file complaints against Dynasty Zarooni. The whole process takes a long time,” said Al Akkad.

        Mulchandani was arrested by police in early January and has since been referred to the public prosecution. Mulchandani’s bail was set at AED76 million when he was first arrested.

        Hilal Al Zarooni, Mulchandani’s local partner in Dubai, referred Zawya Dow Jones to his lawyers Global Advocates & Legal Consultants when called. Global, who are also representing Mulchandani and the company Dynasty Zarooni, declined to comment on the case.

        COMPLAINTS

        Investors at six of Dynasty Zarooni’s developments worth approximately AED6.35 billion have so far lodged complaints with the police, according to Al Shaali & Co.

        The complaints so far refer to property at the company’s Ebony & Ivory, Berlin Tower, K Hotel, Panoramic Heights, Sheffield Classique and Al Quorashi Tower developments. The cases include the taking of deposits and installment payments without depositing the money into an escrow account, the issuing of contracts worth just AED1 after the full value of the property has been paid and the misrepresentation of property during the sale.

        Some investors at the Ebony and Ivory project in Dubai’s Jumeirah Lake Towers district have also lodged a complaint with the police against Dynasty Zarooni for allegedly misleading them about the progress made on the building’s construction. Prominent advertising campaigns in Dubai showed pictures of the Ebony and Ivory real estate project under construction 24 hours a day, but a visit to the site by Zawya Dow Jones revealed that no work was underway.

        In an advertising campaign published in local media last year the company said that as a company it had earned AED20 billion in revenue, as well as AED6 billion for its investors.

        Lawyers say Mulchandani is also being investigated for allegations that he conned a small group of wealthy investors into pledging large sums of money with the promise of a hefty monthly return.

        Investors interviewed by Zawya Dow Jones say Mulchandani received subscription fees of AED300,000 a month from 12 members of the so-called “investment club”. Mulchandani promised a return of a million dirhams a month after six months after investing their money in Dubai real estate projects.

        The investors say Mulchandani has so far failed to deliver any returns, or their initial capital.

        By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; stefania.bianchi@dowjones.com

        (Majdoline Hatoum in Dubai contributed to this article.)

        Copyright (c) 2009 Dow Jones & Co.

        Click here to go to Dow Jones NewsPlus, a web front page of today’s most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=CqhgwHGrhVjWVDlKy6lCLA%3D%3D. You can use this link on the day this article is published and the following day.

        (END) Dow Jones Newswires

        January 24, 2009 03:54 ET (08:54 GMT)

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