Property firm fraud leaves 80 unpaid in Dubai
S and K Estate Agents' owner has reportedly fled the UAE with "millions of dirhams", leaving the firm's 80 employees unpaid for the third month in a row
Up to 80 employees of a real estate brokerage firm in Dubai have been left in a lurch after it was discovered that the firm's owner has swindled "millions of dirhams" and fled the country.
Local daily Emirates 24x7 reported that the man, a Briton, escaped Dubai without paying his employees three months' worth of salary.
Quoting Arabic-language daily Al Bayan, the report added that "the Briton himself had his old firm shut down after it was involved in massive fraud operations and that he “simply” opened another company in the Emirate", according to a police source.
The police source reportedly added that the man’s name had been sent to Interpol to hunt him down and bring him to justice in Dubai.
The report said a source from Real Estate Regulation Authority (Rera) in Dubai claimed the company is S and K (Smith and Ken) Estate Agents, and that it had tried to spread “lies and rumours” about Dubai’s property market through the foreign media.
“The company only wanted to cover up its losses, malpractices and violations of the real estate laws in Dubai,” the source said, as per the report.