We stopped real estate fair worth half billion dinars, says Al-Bahrani
KUWAIT CITY, April 23: Coordinator general of the forum of real estate and money laundering victims Engineer Hassan Bahrani said the youth of the ‘future of a homeland’ movement have put a stop to real estate exhibitions in recent years where fraudulent real estate companies were expected to sell about half a billion dinars, and thereby protected Kuwaitis from falling into the trap, reports Al-Rai daily.
Al-Bahrani explained that the pressure to return citizens’ money and imprison those cheats is not only protecting the rights of Kuwaitis, but also to protect Kuwait’s reputation. He pointed out that the aim of the movement is to educate young people not to engage in similar operations in the future.
For his part, Lawyer Ali Al-Attar from Meshari Al-Osaimi’s office stressed that citizens affected by real estate fraud do not bear the slightest responsibility for what happened to them because they purchased through licensed exhibitions according to valid regulations. He stated the projects must go through channels of supervision and inspection at the Ministry of Justice and the Ministry of Finance in respect of projects that fall within Kuwait, while foreign projects must be authorized by the Ministry of Foreign Affairs.
He pointed out that in order to reach a solution and ensure recovery of funds, the collaboration of each individual duped by any company is required in submitting petitions to the Public Prosecution. He stressed that fraudulent companies were not fake, but were real, and the funds that were charged were transferred to bank accounts.
Al-Attar said that some citizens are failing to sue the companies, indicating a company duped 4500 people with 108 million dinars, while only 63 individuals whose share of the fraud was about 3 million dinars and about 3 percent only submitted petitions. He informed that another company defrauded 2053 people to more than 73 million dinars, and from the reports, only 200 people whose share amounts to 6.5 million dinars submitted petitions.