Thursday: 08 July 2010:
in investment scam
ADP continues revealing new details in the Emirati and dead partner in the real estate investment scam. It has come to surface that half of the involved properties are registered in the names of two national suspects. They are still at large and the police is in the hunt for them. Their role is like that of the dead partner, just a cover for the fraud.
The total number of conned persons till today (Thursday) has increased to 140 from 90. This has been revealed by Colonel (Dr.) Rashid Mohammad Bu Rasheed, Head of Organized Crime Section at ADP Criminal Investigation Department (CID). The number of conned people is expected to reach 325 victims.
The total amount identified by the police and paid by the fake real estate portfolio and paid as initial installments against (17 villas, 2 luxury apartments and a commercial land), is Dh 47,300,000, of the total value of real estate purchased and registered in the name of the portfolio. Other properties have been registered in the names of other persons as a camouflage in order to be run by the same portfolio through sub-contracts amounting to Dh 169 m.
The details of the real estate run by the fake portfolio are: A commercial land in Abu Dhabi purchased for Dh 80 m (Only Dh 28 m have been paid as a down payment). It is the only property officially registered in the name of the portfolio.
Other properties are subcontracted in the names of other two nationals to avoid any legal liabilities ( 17 villas divided into 4 residential units in Abu Dhabi, for Dh 84,500,00) Only Dh18 million have been paid of that amount. There are two luxury apartments. One in Dubai for Dh 2 million. The suspect paid only Dh 600,000. The other one is in Abu Dhabi, for Dh 2,500,000. The suspect paid Dh 700,000 as a down payment.
Bu Rasheed has promised to reveal any new develope3mnts in the case, according to ADP transparency in making the community well informed about the committed crimes, affirming that investigations are still underway to identify all relevant documents, to avoid falling into fraudster hands.
He has urged the public not to respond to inciting advertisements whatsoever. People must ensure of the manufacture of products, company activities before signing any contracts.
ADP arrested last week a citizen suspected of running an investment scam. The issue came into light after a lawyer, was employed to do some work by the suspect and was issued a bad cheque for it. After growing suspicion about the company’s activities, the lawyer reported the case to the police who unearthed the scam.
