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Chairman and owner of Dynasty Zarouni cleared on swindling charges

Plaintiffs charge Zarouni’s bogus investment scheme defrauded investors of AED 25.6 mn.

May 31, 2010 9:52 by

Dynasty Zarouni’s chairman was cleared Sunday on charges that he and Zarouni’s owner had swindled investors, the Gulf News reported Monday. Dubai Misdemeanor’s court acquitted Zarouni’s chairman, K.M., and owner, M.Z., on charges that they had solicited investment in a “bogus investment portfolio,” the report said.

The plaintiffs in the case, 10 businessmen, alleged that the chairman and owner had swindled AED 25.6 million in a phony investment scheme.

The judge also rejected a civil lawsuit lodged by the businessmen, that sought compensation in the matter.

Dr Habib Al Mulla, lawyer for Zarouni’s chairman, defended the investment program, saying, “it’s a program to render services to investors in the real estate sector,” the Gulf News quoted.

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