Sunday, Aug 24, 2008
DUBAI (Zawya Dow Jones)--Dubai's Real Estate Regulatory Authority, or RERA, is investigating India's Kabir Mulchandani in the emirate after complaints of fraud and misrepresentation, Mumbai Mirror reported Saturday.
Kabir Mulchandani, owner of Baron International, the company that pioneered cheap color TVs and music systems under the brand names AIWA and AKAI, had fled Mumbai to Dubai where he set up a company, Dynasty Zarouni, to cash in on Dubai's booming real estate market.
At least 20 non-resident Indians, or NRIs, originally from Mumbai, had invested money ranging from $1 million and above in residential-cum-commercial properties developed by Al-Fajer and marketed by Mulchandani, the paper said.
Quoting RERA's head of legal unit Imad Husein, the paper said that RERA is probing Mulchandani's operations after investors from India, Russia and the U.K. complained online that he had misled them by showing them one property and selling them another.
Mulchandani's operations through Dynasty Zarouni involve the sale of over 20 towers each consisting of 40 floors, approximating 20,000 residential and commercial units, the paper said.
Newspaper Web site: www.mumbaimirror.com
-Dubai Bureau, Dow Jones Newswires; +9714 3644966; djnews.dubai@dowjones.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
24-08-08 1017GMT
