DUBAI (Zawya Dow Jones)–Dubai’s Public Prosecution is detaining Kabir Mulchandani, chairman of Dynasty Zarooni Real Estate, amid allegations he defrauded investors of up to 450 million U.A.E. dirhams ($123 million), according to lawyers for the investors, government officials and one of his business partners.
His detention is the latest in series of arrests in Dubai related to real estate and finance, but there’s no evidence at present Mulchandani’s arrest is related to any of the previous cases.
Mulchandani, who couldn’t be reached for comment, has previously denied any wrongdoing.
Hilal Al Zarooni, Mulchandani’s local partner in Dubai, said in a phone interview with Zawya Dow Jones “there is no evidence against the company. We sold everything legally.”
Al Zarooni confirmed that Mulchandani is being held for questioning in Dubai, adding that he hasn’t been contacted by authorities on the matter.
Ali Al Hashimi, an attorney for Global Advocates & Legal Consultants who are representing Dynasty Zarooni, also denied that there had been any wrongdoing on the part of his client in a phone interview.
Dubai police officials told Zawya Dow Jones Sunday that Mulchandani has been transferred from Jebel Ali police station to the custody of Dubai’s Public Prosecution pending an investigation of his case.
According to law firm Al Shaali & Co., which is acting on behalf of the investors pursuing Mulchandani who have complained to the police, he is being questioned on two counts both subject to the Federal Penal Code and Dubai’s property laws.
The first case relates to allegations that he conned a small group of wealthy investors into pledging large sums of money with the promise of a hefty monthly return.
The second case involves the selling of property at the AED2 billion Ebony and Ivory development in Dubai’s Jumeirah Lake Towers district. According to Salem Al Shaali, the lawyer handling the case at Dubai-based Al Shaali & Co., Mulchandani took deposits for 20% of the property but failed to deliver the project.
A visit to the site of the project by Zawya Dow Jones confirmed that no work was underway. According to the lawyers, Mulchandani had shown investors other buildings under construction in Dubai an effort to convince them that the project was ongoing.
Jaydeep Anand, Dynasty Zarooni’s chief operating officer, declined to comment on whether Mulchandani was being held when called by Zawya Dow Jones.
“I’m not the right person to comment on this,” he said and referred the call to Rajesh Gupta, Dynasty’s chief financial officer. Gupta didn’t answer calls to his mobile.
Mulchandani was initially held by police earlier last week for an alleged liquor-related offense and bouncing a check for an undisclosed amount, which is an offense in the United Arab Emirates, an official at Dubai’s Public Prosecution told Zawya Dow Jones on Tuesday.
He was later released on bail for AED46 million, but was re-arrested Thursday afternoon after further cases relating to the Ebony and Ivory development were brought against him by investors, according to Salem Al Shaali, a lawyer at Al Shaali & Co.
Al Shaali said Mulchandani’s bail has now been raised to AED76 million.
Investors interviewed by Zawya Dow Jones who were involved with Mulchandani say they paid AED300,000 a month into the program for which Mulchandani promised a return of a million dirhams a month after the first six months in September.
The investors, who asked not be identified, said Mulchandani had promised to invest their funds in Dubai real estate projects but had failed to deliver any returns, or their initial capital.
According to the allegations being made by Al Shaali’s clients Mulchandani got a group of 12 investors to pay AED30 million in deposits for another real estate project in Dubai, called Al Quorashi Tower. According to Al Shaali, the project never existed.
Earlier this year, Dubai’s Real Estate Regulatory Authority, or Rera, cleared Dynasty Zarooni of any wrongdoing after two Indian publications ran reports that some investors had complained Mulchandani had misled them by showing one property and selling them another.
Officials at Rera were unavailable for comment when called.
Big Advertising Spend
Dynasty Zarooni was created in September 2007 with the merger of the Hilal Al Zarooni Group and the Bahamas-registered business consultancy firm Dynasty Enterprises Inc. The company had a net equity of 1.35 billion U.A.E. dirhams ($367.5 million) at the time of merging, according to Zawya.com data.
Dynasty Zarooni was the country’s top spender in advertising during the first half of 2008, overtaking Emaar Properties PJSC (EMAAR.AI).
According to the Pan Arab Research Centre, the company’s ad spend for the first six months of 2008 was estimated at $10.58 million (AED38.8m). Leaping from an almost non-existent advertising spend in 2007, the new advertising budget accounts for around 1.8% of the company’s total business of AED21 billion.
Investors interviewed by Zawya Dow Jones said that Dynasty Zarooni’s prominent advertising campaigns in Dubai, which showed pictures of the Ebony and Ivory real estate project under construction, had played a major factor in their decision to invest with Mulchandani.
By Stefania Bianchi, Dow Jones Newswires; +971 4 3644967; stefania.bianchi@dowjones.com
(Tahani Karrar and Majdoline Hatoum also contributed to this item).
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
Interestingly Dynasty is registered in Bahamas. Wow! didnt know that one before!
ReplyDeleteIndian criminal with a bahamas company comes to Dubai and partners up with Maktoum Hasher!
Some story! Wonder why Maktoum Hasher never hesitated in pursuing this sweet deal!
He must have made a lot in it
ofcourse! why else do you go into business together. But these werent profits, these were Investors sums put straight into their pockets and at whose behalf?
ReplyDeleteThe loss is to dubai and its markets and investors
Ebony & ivory is a joke which doesnt make anyone laugh but alfajer and dynasty zarouni... hate to admit it but they have done quite alot of damage to our repute overseas
ReplyDeleteWhose fault is it then. Why was maktoum hasher made the president of alfajer if this was the case! It isnt a good picture for anyone and everyone involved. Even Kabir Mulchandani. I am sure this is not how he pictured his ending. And who is the one sitting out and protected. Mulchandani will have to take a fall for someone else's sake as well
ReplyDeleteNo wonder DZ was spending so heavily on its ad campaigns. They had a set plan and it was working accordingly till their bubble was burst by the grieving investors
ReplyDeleteYou're right rehbar, the motive is obvious now. emaar and other giants have a reputation to take care of and run their projects while DZ types try to trick the market and run off. So sad that because of these scum backs Investors are losing so much
ReplyDeletei have also seen the fake pictures and videos these guys have posted. what a load of bollocks.
ReplyDeleteThese guys have eluded RERA and the rest of the regulatory bodies in dubai. how sad is it that they have tainted the market with their low budget scamming. and this news of hasher being head of DZ is totally shocking. was he in on the whole fiasco too?
ReplyDeleteFrank you have no idea what this guy Kabir Mulchandani is upto man.
ReplyDeletehe is a master schemer when it comes to things like these. he should be sent back to india where he can be prosecuted and sent to jail.
yeah, but not before he repays for all the money he has "stolen" from investors.
ReplyDeleteits now quite obvious that DZ and all its ebony and ivory projects have been full of shit. the depressing thing is that the investors are the ones who are suffering the most. "stolen" is right.
ReplyDeleteIndia should ask the UAE government to extradite Mulchandani so that they can prosecute him for the fraud cases against him in India and be punished. He should also be punished for his frauds in Dubai, for ruining Dubai's reputation as a safe haven for investment and for causing such mental torment and distress to investors.
ReplyDelete$123 million WOAH thats a huge sum man. If he gets away he's set for life.
ReplyDeletewe have to make sure he doesn't get away with it. someone has to wake up and smell the coffee!
ReplyDelete123m is a LOT LOT LOT of money. how can he get away with this? wake up RERA!
ReplyDeleteRERA has been told to stay back thanks to Kabir Mulchandani's close friend; Mr Makhtoum Hasher.
ReplyDeletei heard Hasher was in the BOD of DZ, is that true?
ReplyDeleteBOD? whats that?
ReplyDeleteBoard Of Directors.
ReplyDeleteattention: RERA has change on the official webiste of rera under projects the naming of the Plots. First this apear on 08.01.2009, but here they only changed the location from Jumeiah Lake Towers to Emirates Hills and changed the naming of the plot numbers. Befoe it was always said on the RERA Website that Jumeirah Business Centre is Plot H3, Jumeirah Business Centre 8 is Plot G3, and Jumeirah Business Centre 7 is Plot H1.
ReplyDeleteAs we all know :
Jumeriah Business Centre 9, was sold under Ebony 1 Tower.
Jumeirah Business Centre 8 was sold under Ivory Tower 1
Never before Ebony 1 or Ivory I, Ivory II has been named in the RERA registration, also no escrow account numbers has been shown. not until now: 22.01.2009
Now: 22. January 2009 RERA has changed again the Plot definitions:
Jumeriah Business Centr 8 is now listed as Ebony Tower,
Jumeriah Business Centre 9 , now listed as Ivory Tower
The Plot number which have been shown since 08.01.2009 are now mixed again.
And the biggest surprise: All Jumeriah Business Centre have now ESCROW ACCOUNTS !!!!!!!!!!! since 22.01.2009 on RERA Website
Now doing a real fraud construct together with RERA ??????? To give soon " clean chit for AL Fajer ?????????????????????????
For evidence of this :
We hold Snapshots from the time until 08.01.2009, after 08.01.2009 and from now 22.01.2009 from original Website RERA !!!!!
To the Administrator of this Bolg:
ReplyDeleteCan you please get in direct contact with us
This whole this stinks so bad it can be smelt around the globe.
ReplyDeleteCan't everyone make out how wrong this whole affair is. NO ONE is available to comment, not RERA, not people related to DZ. No one.
ReplyDeleteThis guy should be put behind bars forever. Conning people of so much money and going un-noticed. I wonder what the authorities were upto while all this was going on?
ReplyDeleteThe authorities in UAE need to get their act together and settle this case once and for all. This has gone on for too long.
ReplyDeleteWhy didn't anyone complain before? How can people be so stupid with their hard earned money?and who is this Kabir Mulchandani guy anyway, sounds like a hardened criminal to me!
ReplyDeleteSpending millions of dollars marketing something that doesn't even exist! WOW this really does look like a BIG fraud case.
ReplyDeleteThe so called Ebony1 and Ivory Tower are located on Plot H3 and G3 Jumeirah Lake Towers.
ReplyDeleteNakheel has launched in 2004 on this Plots: Falcon Tower (on H3) and Flamingo Tower ( on G3)
Both Towers have been 100 % Residential Towers and Apartments have been sold. The Completion was promised for March 2008.
Investors paid until June 2006 the installemts up to 45 %, in August 15 they got a letter from DMCC that the Towers will not been built in the current form.
In October 2005 the investors get a letter from DMCC that now the project is going on and that the towers will be built again like investors purchased original at Nakheel. Same design, same condition like original purchased. Only the completion will be now December 2008 and the new Developer will be Nakheel. So a lot of inbesors agreed to be transfered to AL Fajer Properties to the same condition.
Al Fajer left the Investors in the illusion that everthing is going fine, but reject to provide the investors with the promised contracts. They start to ignore emails and didnt answer questions.
In November they start to tell some ionvestors it will be better for them to go out because the towers will now be built as Mixed Use buildings and if they insist to wish to get their Apartment, they will only do 1 or 2 floors in this Towers with Apartments. This will be a very bad situation for the investor. To this they now provide this Investors with absolute on sided contracts, some with misleading facts.
In early 2008 they forced them to agree to those contracts and if not so, they will terminate every right and just refund the payment made by the purchasers since their booking at Nakheel in 2004.
About all of this facts RERA is aware.
Since RERA was aware Al Fajer Properties start to act more agressive in March 2008 over their lawyers.
At this moment the investors left from Falcon and Flamingo Towers havent been aware what the real background of this massive Action was.
Today they know: Al Fajer tried everthing to kick them simply out - to get the way free selling all units to Dynasty Zarooni, to make the way free that they DZ can sell full floors in buld actions.
Law No.8 from 2007
ReplyDeleteArticle (6)
A Developer wishing to sell units off the plan must apply to the Department to open a Guarantee Account. The application should be accompanied with the following documents:
Dubai Chamber of Commerce and Industry membership certificate;
Trade License;
Title deed of the plot to be developed;
Copy of the contract executed by the master developer and the sub-developer;
Architectural designs and layouts approved by concerned authorities and the master developer;
A financial statement certified by a certified legal accountant, containing the revenues and expenses of the project and approved by the development’s consultant about sums payable to creditors of the development;
An undertaking by the sub-developer to commence the project construction after obtaining the master developer’s approval to sell off plan or an undertaking from the master developer in case a sub-developer does not exist.
A sample sale contract between the Developer and a buyer.
_____________________________
Ebony 1 Tower, Ivory1 and 2 or Jumeiah Business Centre 7, 8, 9
Launched since ??????????
Advertised since ?????????
Brochures since ?????????
Excrow Account since ?????????
And the further question is ??????
Why so many different variations in the contractual terms and conditions to different buyers, who bought directly at Al Fajer Properties ?????
Different Contracts ?????????
Another Violation ?
A Sample contract from Al Fajer Properties:
ReplyDeletehttp://www.scribd.com/full/11351181?access_key=key-1j2asjmegxs8qudts21r
A deeper view to the big profits Dynasty Zarooni has calculated:
ReplyDeletehttp://www.scribd.com/full/11354625?access_key=key-1gbr7zffqc6bdp4jm4m1
Why must the investors suffer from all this bullshit done by the corporate people?
ReplyDeleteYeah, that too as well as the repute of the dubai market which is going down the drain thanks to this fiasco.
ReplyDeleteExactly, other companies like Emaar and all offer excellent after sales services and don't stop until the customer is happy. this is just a scam.
ReplyDeleteThe returns on this project seem unreal to begin with. the investors should have been a bit more rational.
ReplyDeleteI just hope that this situation is cleared out as soon as possible and the investors get their money back. poor guys.
ReplyDeletei have called RERA a couple of times but they don't seem to be really helpful. WHat should i do?
ReplyDeletei don't think RERA hands out information about other firms to random people. they have confidentiality issues obviously. if you're an investors, give the details of your purchase. then they will be more helpful.
ReplyDeleteWhy don't they clear out all the dust surrounding this situation?
ReplyDeletebecause of the reputation of different people.
ReplyDeletethats teh most vague statement i've heard.
ReplyDeleteYou still believe in RERA ? Good Luck !
ReplyDelete... who please has installed this BLog ? and the other under the Admin "Sheikh"
ReplyDeleteSomebody who whish to spy some more informations from the victims of DZ and Al Fajer ?????
Al Fajer or DZ themselve are her looking for more details or somebody from the government.
If so - very tricky !
what? i didn't even understand what that guy just said.
ReplyDeletei think he was talk about someone checking these blogs out for information.
ReplyDeleteif you're looking for info regarding DZ, read this:
ReplyDeleteKabir Mulchandani is an Indian Businessman who in the late '90s revolutionized consumer electronics marketing with his innovative ideas has been arrested in Dubai in connection with a multi-crore real estate fraud.
he revolutionized the market?
ReplyDeleteyeah, but running away with the money. so now they have lots of checks and balances for stuff like that in india. LOLZ.
ReplyDeletemaybe dubai need to learn from indians.
what the people in dubai need to do is send Kabir back to india where he can be prosecuted!
ReplyDeleteno. first he should be prosecuted in dubai. then back to india where he can spend some time in jail there too.
ReplyDeletethis guy is a real master of scams!!!
ReplyDeletethe real issue is that if he is being protected by Makhtoum Hasher, he's gooing to get away with it.
ReplyDeletei'm sure there is some sort of transperancy here in dubai. this can't happen that this guy gets away with all this stuff. i mean, i'm sure not even the royal family can protect Kabir.
ReplyDeletebrothers, please read this !!
ReplyDeleteThe so called Ebony1 and Ivory Tower are located on Plot H3 and G3 Jumeirah Lake Towers.
Nakheel has launched in 2004 on this Plots: Falcon Tower (on H3) and Flamingo Tower ( on G3)
Both Towers have been 100 % Residential Towers and Apartments have been sold. The Completion was promised for March 2008.
Investors paid until June 2006 the installemts up to 45 %, in August 15 they got a letter from DMCC that the Towers will not been built in the current form.
In October 2005 the investors get a letter from DMCC that now the project is going on and that the towers will be built again like investors purchased original at Nakheel. Same design, same condition like original purchased. Only the completion will be now December 2008 and the new Developer will be Nakheel. So a lot of inbesors agreed to be transfered to AL Fajer Properties to the same condition.
Al Fajer left the Investors in the illusion that everthing is going fine, but reject to provide the investors with the promised contracts. They start to ignore emails and didnt answer questions.
In November they start to tell some ionvestors it will be better for them to go out because the towers will now be built as Mixed Use buildings and if they insist to wish to get their Apartment, they will only do 1 or 2 floors in this Towers with Apartments. This will be a very bad situation for the investor. To this they now provide this Investors with absolute on sided contracts, some with misleading facts.
In early 2008 they forced them to agree to those contracts and if not so, they will terminate every right and just refund the payment made by the purchasers since their booking at Nakheel in 2004.
About all of this facts RERA is aware.
Since RERA was aware Al Fajer Properties start to act more agressive in March 2008 over their lawyers.
At this moment the investors left from Falcon and Flamingo Towers havent been aware what the real background of this massive Action was.
Today they know: Al Fajer tried everthing to kick them simply out - to get the way free selling all units to Dynasty Zarooni, to make the way free that they DZ can sell full floors in buld actions.
so are you saying that RERA has been involved in all this stuff?
ReplyDeleteobviously. not only RERA, but this proves that Makhtoum Hasher must have been involved in all this as well.
ReplyDeletewhy was teh construction stopped in teh first place. for the falcon and flamingo towers?
ReplyDeletethere was some financial problem with Nakheel i think. that it was they were handed over to Dynasty Zarooni. but the people at DZ did something so sly... they resold all teh plots and said the apartments won't be made teh same way. scam.
ReplyDeletenot to mention the fact that they changed the residential apartments into offices and stores.
ReplyDeleteso basically, the investors are doomed? is that what teh bottom line is?
ReplyDeletenot really, i think the people need to stand up and be counted this time 'round. we need to show that we have a voice adn we do have a choice. and we will not let people rob us.
ReplyDeletebut if makhtoum hasher is involved, its going to be really difficult for anyone to do anything.
ReplyDeletethe first and more important thing is to get on RERA's ass to do something about it. we want facts.
ReplyDeletethese guys have just put up false pictures and how can they get a clean chit?
yeah...
ReplyDeletewhats up with all da false picturez?
bruv,,, the problem is that this guy has a habit for this kind of stuff innit?
ReplyDeleteyes. Kabir Mulchandani was also involved in that scandal related to the indian electronics market.
ReplyDeleteis it possible that this low life could have handsomely bribed RERA for keeping quiet?
ReplyDeletei really don't think that possible because there are no such things are bribes in dubai.
ReplyDeletethis is teh first time i am reading up on this story... can someone give me more updates?
ReplyDeletekamil,
ReplyDeletekabir mulchandani is a serious crook he has pulled some shit in india, now he's in dubai try to do the same trick again.
he owns a firm called Dynasty Zarooni. they deal in real estate.
They sold 100% residential appts in 2004, In November 08 they start to tell some ionvestors it will be better for them to go out because the towers will now be built as Mixed Use buildings and if they insist to wish to get their Apartment, they will only do 1 or 2 floors in this Towers with Apartments. This will be a very bad situation for the investor. To this they now provide this Investors with absolute on sided contracts, some with misleading facts.
wow. this guy has really pulled some shit. i read on teh previous comments about india. that stuff is crazy too.
ReplyDeletehow come he's being allowed to roam around in db?
thats what everyone is trying to find out!!!!
ReplyDeletei heard that Makhtoum Hasher was also on teh board of directors of Dynasty Zarooni or al fajer.
ReplyDeletewell, that is also a rumour. but no news is confirmed. this much is for sure in my opinion... M Hasher was involved in some capacity or the other.
ReplyDeleteno!
ReplyDeletewhy the hell should he be sent back? he should first pay up his dues here, then thrown out of this country into the sea. may he swim back to india and pay up theere !
you guys are just going to sit here and shout about it while he runs away with your money. he's probably on his way out now.
ReplyDeletewhat else can we do? RERA isn't doing anything about it.
ReplyDeletewho do we go to?
we really need to get on RERA's ass if they're to do something about it. any other option seems unlikely to be fruitful. this guy is really messing up the entire market.
ReplyDeletei mean, i'm having second thoughts about trusting emaar and all now.
this whole thing just makes me sick.
ReplyDeletei can't believe that nothing is being done about this whole situation!!!
ReplyDeletei just called RERA again... and they said they're working on the matter...
what the hell does that mean?
that means game over.
ReplyDeletewhat?
ReplyDeletegame over as in... they're not doing anything about it.
ReplyDeletehaven't you ever had a boyfriend who said that?
don't be personal here please. we're all here for one thing. bring down Kabir mulchandani. lets focus.
ReplyDeleteI WENT TO SEE JBCs yesterday. The Ebny Ivry project is a hopeless cause now. The Investors are figuring out ways to sell their stake in it but nobody is interested in even listening to the proposal
ReplyDeletehasher Maktoum has to decide the fate of his confusing relationship with Mulchandani. Someone was telling me they are good friends?????????
ReplyDeleteThat they are or were. We dont know the latest but Matoum Hasher has supported Mulchandani since the day he opened up operations in Dubai
ReplyDeleteI have also heard that these two have been friends for a long time. Is it possible that Matoum Hasher is helping him out in this scam? if that is the case, dubai is going down the drain.
ReplyDeletethey have been likned with this story of thier friendship for a long time but i really don't think its true.
ReplyDeletei think it is true, otherwise how would they have been operating without an escrow?
ReplyDeletethey have just been tricking RERA all along. but now RERA needs to do something.
ReplyDeleteRERA should have taken the previous complaints more seriously. Some people end up loosing their life savings in scams like these. They should look into this matter very thoroughly now.
ReplyDeleteyes, RERA have been slacking a lot and not taking this matter seriously. how could they have allowed operations without escrow?
ReplyDeleteThe authorities in Dubai should act swiftly to avoid the said "black mark". This whole scheme smells so fishy I wonder why no one noticed earlier?
ReplyDeletedubai real estate market has taken a big hit because of this one guy Kabir Mulchandani, who is not even a citizen of this state to begin with.
ReplyDeleteno one noticed earlier because this was whole of a scam. no one really knows that the towers never existed to begin with.
ReplyDeleteHasher is a bigger crook than Mulchandani, which is really sad.
ReplyDeleteany new developments of the Kabir Mulchandani and Dynasty Zarooni front?
ReplyDeleteno. nothing new here martin. just teh same old story of the investors being robbed. no one is doing anything to stop it.
ReplyDeletei know. it is really sad that RERA and the rest have just taken a back seat and decided to sit and watch while the investors are suffering.
ReplyDeletenot the mention the effect all this mess is having on the dubai real estate market.
ReplyDeletei just hate two faced people like Kabir Mulchandani.
ReplyDeletehe should be sent back to india !
ReplyDeletei really hope he gets caught and prosecuted becasue he has caused a lot of damage to the investors as well as the dubai market.
ReplyDeleteWhy did Dynasty Zarooni market the projects as 100% residential if they didn't intend to build them that way?
ReplyDeletebecause Kabir mulchandani is a mere thief whose trying to rob people!!!!
ReplyDeletewas Makhtom Hasher on the board of directors of Dynasty Zarooni?
ReplyDeletethere are no confirmed reports on that, but he is surely affiliated with Kabir in some way or another. how else can he have so much freedom to do all this in the so called "transparent" dubai market. makhtoum hasher has covered all his lies and now even RERA can't do anything.
ReplyDeleteRERA will do something if they know whats best for dubai.
ReplyDeleteyeah, keep making them calls people. don't let this one slip away. we have to bring justice!
ReplyDeletei heard that the chairman of DZ resigned also.
ReplyDeleteyeah, that is true. i will try to find a link of that story and post it here.
ReplyDeleteyeah, please let us know about the link to that story. i also want to read that but cannot find it.
ReplyDeletei can't believe he was operating in dubai especially after he is a known and wanted criminal in india. shame on the authorities.
ReplyDeleteyeah. he pulled off some major scams in india especially with the Japanese companies aiwa and toshiba i think.
ReplyDeletedon't forget that Kabir is safe partially because if his strong connections with Hasher Makhtoum.
ReplyDeletehe's done a 123 million fraud !?!?
ReplyDeletethis is unreal.
i think this is the first time you're reading about this zahra. Kabir mulchandani is a real criminal who has messed up the entire dubai market and has done a major fraud.
ReplyDeleteyeah, this is teh first time i am reading this, and according to what people are saying, this guy has really done some bad stuff.
ReplyDeleteThe future of Dubai real estate will be more successful and solid than in previous years,Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.
ReplyDeleteDubai Real Estate
what has happened to these guys now? has it all gone away or has someone actually been held to account?
ReplyDeletealthough despite a lot of bad press, I dont think anything was proven against them but I might be wrong
ReplyDeleteThe 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.
ReplyDeleteKabir Mulchandani is currently a CEO of Skai Holdings Dubai. How would be this possible if he was guilty and but freely running a property development company "Skai Holdings" ?
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
We are professionals in law and provide the grantee for justice. We are Best lawyers in Abu Dhabi, Dubai, lawyers in Dubai, Egypt in investment, corporate, family, construction, banking, labor, maritime and commercial law.
ReplyDelete