Georgian Estates Dubai

Property and real estate companies, agents, and brokers in Dubai

Georgian Estates Dubai

Postby shawarma » 03 Dec 2007, 11:28

The manager and sponsor of the Georgian Estates real estate company in Dubai were found guilty of fraud in the UAE courts, according to a 7 Days report. There are still a few more cases to process. Hopefully there aren't going to be too many more cases of Dubai property agents like this...

I've never heard of "Global City" though - maybe they mean International City?

7 Days Friday, 10th November, 2006:

Fraudsters guilty

A UAE national and an Indian man have been found guilty of cheating investors out of more than a million dirhams after they took deposits for properties they did not have the rights to in the Discovery Gardens and Global City developments. The Indian accused, identified as AM, advertised apartments for sale in the English newspapers, claiming that he was the general manager for a real estate company called Georgian Estates. The UAE national, identified as DA, was the sponsor of Georgian Estates.

The pair have so far been found guilty on four counts of fraud and there are at least eight more cases pending against the company. The adverts first appeared last year and the first person to fall for the trick was a 51-year-old Pakistani investor. He told the court that he went to the Georgian Estates office on Sheikh Zayed Road, and bought 11 flats in one project. AM showed him an official document giving the company the rights to sell the appartments. He handed over dhs478,000.

A German victim paid dhs48,000 for a flat in Global City, while a British lady paid dhs75,000 for a studio. She told the court that when she went back to office to pay the remaining money, the office was vacated. A Jordanian victim, who had been saving for 13 years, was also cheated out of dhs47,000.

“The Indian showed me a proxy document from the tower’s owner so I believed him” the victim said. The UAE sponsor has so far been sentenced to four years in jail while the Indian defendant will be immediately deported after all the pending cases are complete. More verdicts will be issued at the beginning of next month.
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