Police are investigating fraud allegations against the chairman of one of Dubai’s largest private real estate companies as dozens of aggrieved investors claim he defrauded them of more than $100m.
Kabir Mulchandani, the chairman of Dynasty Zarooni, was arrested last week on allegations of fraud and is helping with inquiries, police officers told the Financial Times.
At least 10 members of Dynasty Zarooni’s ”investment club”, which last year promised vast profits from the company’s preferential access to real estate deals, have lodged complaints against Mr Mulchandani, an Indian national, his Emirati business partner, Hilal Al Zarooni, their joint venture Dynasty Zarooni, and two other employees.
Also complaints about the business partner of Dynasty Zarooni - Al Fajer Properties - has reached the Dubai Police. This is piblished in the Financial Times and Zawya ( by WSJ).
ReplyDeleteAl Fajer Properties is owned by the 32 years old Skeikh Maktoum Hasher Al Maktoum, the former founder of AGP1. Maktoum Hasher has sold Towers ( Jumeriah Business Centre on Plot H3 and G3) Jumeirah Lake Towers to Dynasty Zarooni. Dynasty Zarooni renamed them in Ebony and Ivory Towers. The comlpaints about the fraud Dynasty Zarooni ,have been filed also directly linkt to this deal of the Sheikhs sold towers, at Dubai Police
original published financial times and zawya 11.01.2009
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Not too sure of the point you are making, but thank you for taking the time to read the blog.
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