Real estate company chairman denies charge |
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Thursday, Jan 08, 2009
Gulf News
Dubai: The chairman of a Dubai-based real estate firm has denied reports that he had been arrested on allegations of fraud.
Kabir Mulchandani told Gulf News there was no police arrest warrant against him.
"I know some complaints have been lodged with the police by some people against our firm but these people gave cheques that bounced. They have no legitimate reason to complain," he explained over the phone.
He said the company was "in good shape."
Company president Hilal Al Zarouni said the company is "functioning properly".
Both executives said they didn't know if the police were investigating the complaints.
Lawyer Salim Al Sha'ali, who represents a number of complainants, said the complaints are related to an alleged fraud scheme.
"We have been studying the legalities of the case... and we believe that there is a supposed crime of conning people out of money," he told Gulf News.
The Federal Penal Code and the property laws issued lately are the legal grounds in this case, argued the lawyer.
Sources told Gulf News the complaints involve some Dh2.8 billion.
However, Mulchandani denied the accusations and said he has "all the documents that support our position that those people have reneged on their commitments".
© Gulf News 2009. All rights reserved.
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This is something that is seen also in US & India recently. India's #4 exporter of software services Saytam Computer Services Chief has admitted to fraud of over a $150 million and is currently in jail.
Greed is the mother of all sins and it seems that this real estate developer has received the payments of his clients and is not willing to return it. http://dubaireal-estate.co.uk [Report Abuse | Email to a Friend | Reply to this Comment]