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Corruption cases that rocked Dubai

Corruption cases that rocked Dubai

A string of arrests and unprecedented action by financial regulators shows that the emirate is clamping down on fraud. We take a look at six cases that shook Dubai Inc.

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March 25, 2010 4:29 by



5. Kabir Mulchandani, Chairman of Dynasty Zarooni

Kabir Mulchandani, chairman of property developer Dynasty Zarooni, was detained by police last year on allegations that he defrauded investors of more than $100 million.

According to press reports at the time, investors paid AED300,000 monthly for which Mulchandani promised a return of a AED1 million per month after the first six installments, according to a report by the 7DAYS newspaper last year. Claimants contended that Mulchandani failed to deliver on promised returns.

Mulchandani rebuffed the allegations, maintaining that the claims amounted to disgruntled investors looking for a way out of their financial obligations to Zarooni.

He denied that the clients were guaranteed a return on their investments, contending that the monthly fee secured for the investors “the right to first refusal on properties sold by Dynasty Zarooni at pre-launch prices,” according to the report by 7DAYS.

6. Tawhid, Tawfiq, and Tamjid Abdullah, founders of Damas International.

The founders of Damas, the Dubai-based luxury jeweler, were fined $3.72 million by Dubai’s Financial Services Authority (DFSA) over a series of ‘unauthorized transactions.’

In an announcement earlier this month, the DFSA detailed multimillion dollar penalties and other remedies in the case against brothers Tawhid, Tawfiq, and Tamjid Abdullah. The penalties are reportedly the largest thus far imposed by the DFSA, according to a report in Zawya Dow Jones.

Based on findings that the brothers withdrew corporate funds for their personal use, Dubai’s regulatory authority charged that the brothers failed to exercise ‘appropriate corporate governance.’ They were further ordered to repay $99.4 million and to return 1.9 million grams of gold – worth nearly $63 million at the end of the third quarter, 2009. The three are barred from acting as directors with any company in the DIFC for ten years.

There is no suggestion that the brothers were arrested, or that the police were involved in the case.



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6 Comments

  1. jazzy jo on March 27, 2010 7:31 am

    Brave Dubai and brave Sheikh Mohammed. Dubai has gone a long way in the new millenium. Corruptors in the past (80s and 90s) were allowed to stay in their seats and were also given a standing ovation, and media protection (i.e their names in full and photographs were not released/they remained anonymous.

    Exposing people who are corrupt is very important and makes others think twice before following the same footsteps. I believe we should have a law and a strong policy to expose corruptors (like the policy in the US called the ‘whistle blowers’. Other developed and developing countries also have similar policies) in place to protect employees whereby employees (who before anyone else can suspect their bosses intentions and may have evidence to prove these allegations. Customers/ clients who deal with people in the company may also have some proof on bribery etc…

     
  2. Majdi Al Ayed on March 27, 2010 10:29 am

    I heard someone saying this before and I am inclined to make this comment again. All that seems to be happening is that you take old news reports which people have already read and recycle them with no effort or passion for effective journalism. You think that by compiling different reports and stories from other sources, that you are actually creating an “interesting” story which is not really the case.

    Aren’t you capable of doing some extra work such as properly researching and coming up with innovative story angles that will actually mean something to your readers?

     
  3. John Duncan on May 27, 2010 7:34 pm

    All these cases are nothing compared to the amount of money others have embezzled .

     
  4. Nawaz on September 15, 2011 2:52 pm

    The latest is that Kabir Mulchandani an indian expatriate in dubai, the real estate tycoon cleared of fraud charges in December, said he will not sue his accusers but may take legal action against media outlets that published defamatory claims against him.

    Kabir Mulchandani is currently a CEO of Skai Holdings Dubai.

    I have been researching on dubai real estate lightning debacle since post global financial crunch and found Kabir Mulchandani name among those who has been falsely framed. Reference site

    http://www.arabianbusiness.com/-no-point-in-pursuing-accusers-says-mulchandani-401266.html

     
  5. Leila Khan on November 13, 2011 10:19 pm

    I bought a unit 2006 from Minc property , Apex suites, after all payment 100% paid Haroon Mahmood the ceo said that the price size and date were changed, the home was cancelled and resold, then Haroon sent a check, but the bank will not honor this check in 2008, After that they said we sold youtr unit and spent the money, How can any one get this money back? Haroon lives in a billion home in Canada. LKhan

     
  6. Leila Khan on November 13, 2011 10:23 pm

    Can sheik Mohammed Help, we are poor people retired and this is our life savings Apex suites, Haroon left Dubai for Canada , can he be brought back? will we all get our money back? LK

     

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