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      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 […]
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      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 […]
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      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 […]
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Archive for February 13th, 2009

Dynasty Zarooni Fraud Dubai – Some statements from Investors

Posted by 7starsdubai on February 13, 2009


 http://www.dnaindia.com/report.asp?newsid=1221052

Kabir Mulchandani, who was arrested in Dubai in connection with an alleged realty scam, is also alleged to have floated another scheme of three 40-floor buildings( Jumeirah Business Centre 7, 8,9 )  in Jumeirah opposite the Dubai Marina — the most posh locality of the Emirates.

Full page advertisements were run in papers, making him the largest advertiser of the Emirates during the period, said Mohammed Marzooq from Kerala. “He showed us the picture of a building with a podium, three-storeyed car parking and a complete floor for a departmental store. It was half complete and the rest of the 35 floors were to be built in the next one year”, Marzooq said.

Atul Patel, a UK-born Indian , a multinational from US, told DNA over the phone that he had “booked a 10,000 sq ft flat in the 35-floor building called Ebony Ivory at Jumeirah for 3.5 million dirhams.”

“I paid the entire amount because I was dealing with the company for some other work. During a vacation in Europe recently, I happened to meet someone who was unhappy with the project. On my return, I went to the site and found that I too had been duped royally,” Atul said.

When cornered by 12 investors, Marzooq said Mulchandani flew them to Nice (in France) in his jet and treated them to a cruise vacation. He showed them properties in Nice. Claiming them to be his own, he asked them to invest there for speedy returns.

“He convinced all of us to sign a cheque, promising that it wouldn’t be encashed till their return to Dubai. Upon arriving at Dubai we found that the cheque had already been encashed,” Marzooq said.

A complainant told DNA that Mulchandani threatened him with deportation due to his clout in the UAE.

Posted in Dubai, Kabir Mulchandani | Comments Off on Dynasty Zarooni Fraud Dubai – Some statements from Investors

CEO RERA Dubai: “Dubai is like a movie star, and just like a movie star everyone is looking at us, adding more pressure.”

Posted by 7starsdubai on February 13, 2009


KippReport

http://www.kippreport.com/kipp/2009/02/12/is-dubai-acting-smart/?bnr=1

confusion“Dubai is like a movie star, and just like a movie star everyone is looking at us, adding more pressure.”

That’s what Marwan Bin Ghalita, the CEO of Dubai’s Real Estate Regulatory Agency (Rera) told Emirates Business, explaining that the city’s success is leading to incorrect media rumors about cancellations of property projects in the city.

A recent report by HSBC said that $75 billion worth of projects are being cancelled in the UAE, but a Morgan Stanley report put the number at $263 billion.

Rera’s CEO, however, says the authority is still “studying the market at present.” He rubbished a list that is doing the rounds, telling Al Bayan that “The list was not accurate and not true simply because it was not issued by Rera, Department of Lands or any official relevant body. Those behind the list are only seeking to raise fears and panic so as to make narrow gains.”

“We understand the feelings of worry resulted from the impact of the global financial crisis but we are against the unjustifiable panic, exaggeration and hitting under the belt by some for the sake of making illegitimate ends,” he added.

While the list is possibly inaccurate (Kipp did try to ascertain some projects earlier, but was unable to confirm the status of several projects), it has been more than three months since the effect of the economic slowdown began to be felt in Dubai’s real estate sector.  Hundreds of people have been laid off from their jobs in the property sector, with developers blaming it on postponement or cancellation of projects; and financial houses like HSBC and Morgan Stanley have already come out with their lists.

Rera will be releasing “accurate data next week that would show the true picture of Dubai’s real estate market.”

“We didn’t announce any cancellation of projects especially those sold to investors, and this is a stabilizing factor which can contribute to further boosting confidence in the vibrant real estate market in Dubai,” Ghalita told Al Bayan. “We want to send a clear message that we have confidence in the city,” he told Emirates Business.

Well, Kipp isn’t sure how confident investors are of the movie star’s talents.

 

Posted in Dubai | Tagged: , , , , , , | Comments Off on CEO RERA Dubai: “Dubai is like a movie star, and just like a movie star everyone is looking at us, adding more pressure.”

Now it getting agressive in Dubai ? – Hunting complaining Investors – Dynasty Zarooni Fraud – Kabir Mulchandani hit back with a counterclaim

Posted by 7starsdubai on February 13, 2009


http://www.ft.com/cms/s/0/64f5823c-f945-11dd-90c1-000077b07658.html?nclick_check=1

fraudThe executive at the centre of $100m fraud allegations rocking Dubai’s property sector has hit back with a counterclaim that his accusers have defaulted on more than $18m of debts owed to his company.

Kabir Mulchandani, chairman of Dynasty Zarooni, claimed that a series of cheques written by investors had bounced as the real estate industry’s fortunes plunged late last year.

The case – involving one of Dubai’s largest private real estate companies – highlights concerns that the emirate’s legal system is poorly equipped to cope with the slew of disputes arising as the sector turns sour.

Dynasty and Mr Mulchandani deny investor allegations of fraud and misrepresentation of the group’s property portfolio.

In an interview at Dubai’s Port Rashid police station, where he has been held since last month, Mr Mulchandani told the Financial Times he was pursuing cheques totalling Dh68m ($18.5m, €14.5m, £13m) that were written by Dynasty investors to pay for property. He claimed they bounced in late December as the international financial crisis hit the emirate’s business community.

dynasty-zarooniHe said: “Certain key investors who had issued post-dated cheques to us got caught in the financial trap. They could not pay.”

Mr Mulchandani said he suspected the investors whose cheques he alleges bounced – a criminal offence in Dubai – had made the accusations of fraud against him because they saw it as a way to recover money after the market fell.

Salem Al Shaali, who is representing investors claiming up to Dh280m from Dynasty, admitted some of their cheques had not cleared. But he said this was because his clients had decided not to honour the cheques because of their suspicions about Mr Mulchandani.

His clients had deposited cheques covering the money they owed, he added, showing that they had the ability to pay if their allegations against the company were satisfactorily addressed.

Hundreds of complaints have been made against Mr Mulchandani, but the initial claims at the heart of the case came from 10 individuals known as Dynasty’s “investment club”. Mr Shaali said: “Mr Mulchandani broke Dubai’s real estate laws by selling properties without a proper licence and misrepresenting construction progress at the buildings”.

Mr Mulchandani, an Indian national, said he was being well treated in custody but expressed frustration at the time taken to investigate a case in which he said he had “nothing to hide”. He is expecting a hearing this week over whether he can receive bail.

He said: “This is a wonderful country but … it is still gearing up to deal with these complaints, because this is the first time they have had a property meltdown.”

The Dynasty imbroglio is a further blow to confidence in Dubai as it scrambles to cope with the sudden end of a six-year property boom on which a good part of its modern-day wealth is founded.

More than 25 executives have been detained over the past year in anti-corruption investigations at state-linked property companies, while lawyers say more claims against private sector property developers are likely to emerge this year as prices collapse and funding dries up.

Posted in Dubai, Kabir Mulchandani | Tagged: , , , , , | Comments Off on Now it getting agressive in Dubai ? – Hunting complaining Investors – Dynasty Zarooni Fraud – Kabir Mulchandani hit back with a counterclaim

RERA Hits Back – Dubai RERA CEO said: “The investor should feel happy when he sees the authorities hit with an iron fist all those who put interests of the city and investors at risk.

Posted by 7starsdubai on February 13, 2009


http://www.7days.ae/storydetails.php?id=73857&title=RERA%20hits%20back

justice2Dubai Real Estate Regulatory Authority (RERA) has denied receiving a letter signed by 300 real estate investors, developers and advocates expressing concerns over the fate of their investment in the emirate.

In their letter, they demanded RERA act before prices in the real estate market crash, according to a report published by Zawya Dow Jones news web site, which also blamed the RERA CEO of declining to comment on the issue.

Marwan bin Ghalita, CEO of Dubai Real Estate Regulatory Authority (RERA), branded the news as absolutely untrue. “Personally, I did neither receive a letter of this kind nor any call from the said news web site or other,” he affirmed in a statement.

He added that RERA could not have made any regulatory achievements in the real estate market if it had not been keeping regular contacts with developers, brokers and investors alike.

It was reported that the petitioners demanded RERA to take measures to bring the situation under control especially following recent financial investigations into several property companies, a move which raised questions about RERA standards.

Commenting on this, the RERA CEO said: “The investor should feel happy when he sees the authorities hit with an iron fist all those who put interests of the city and investors at risk. It’s illogical that such a measure could feed concerns… on the contrary it should send a message of confidence and assurance across the board.”

marwanbinghalita-reraHe explained that RERA had, since its creation about one year ago, been taking tremendous efforts to regulate the real estate sector by issuing flexible regulations at bar with the highest possible level of transparency.

Answering a question about a list being circulated on the internet about tens of cancelled or delayed developments, the RERA CEO affirmed: “The list was not accurate and not true simply because it was not issued by RERA, Department of Lands or any official relevant body. Those behind the list are only seeking to raise fears and panic so as to make narrow gains.”

Posted in Dubai | Tagged: , , , , | Comments Off on RERA Hits Back – Dubai RERA CEO said: “The investor should feel happy when he sees the authorities hit with an iron fist all those who put interests of the city and investors at risk.

 
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