Bid to stop real estate fraud
KUWAIT CITY, Jan 15: In a new blow to the real estate companies in Kuwait, the Ministry of Commerce and Industry has stopped two new companies that specialize in marketing and selling residential units and others which work in the field of general trade and contracting, reports Al-Qabas daily quoting sources.
The sources revealed the ministry has suspended 5 people from carrying out any commercial activities in addition to freezing their commercial licenses, either in person or by their dependents, or by participating in them, until the violations are rectified as a precautionary measure in accordance with the law.
The sources said the new decisions came after the companies were referred to the Anti-Money Laundering Department and the financing of terrorism and after a committee formed by the ministry discovered some suspicious activities which are punishable by law. The sources confirmed the ministry’s procedures come within the framework of the plan that was drawn up a while ago.
A total of 13 companies have been suspended and 26 people are being interrogated. The ministry is continuing to stop the companies and persons involved in the real estate fraud from conducting any business.
The sources said the ministry has succeeded to a great extent in its first plan to stop the real estate fraud and is working to restore the rights to citizens who were exposed to fraud by referring companies and personalities involved to the investigation and forcing them to return the money to the affected citizens.