Al Attar never had a geniune intentions to build any of these projecdts from start. They used the investors fund to develop their own projects. Ïn Economic Term This is known as "Al Attar Free Financing Scheme". The best way for investors to get their money back would be to: Arrange an action group (there are hundereds if not thousands of dissatisfied/cheated on investors) by asking the investors in these failed projects to get together. Creation of a web site toward this goals with investors email addresses would be a good start. 2) Collectively approach RERA to file the case against Al Attars 3) Invite local Media (i.e. The National and Emirates Business 24/7) to report the case. 4) Use social media to express your expereince with Al Attars 5) As Action group stay cohesive and together (as Al Attar have used the policy of Devide and rule for long time) 6) It is my understanding that the case is very similar if not identical to ""Al Boom"" case; however, it is a shame that this has gone quiet for such a long period.
Al Attars are well known to be the king of money laundering in Dubai.
It is so sad to see that this corrupt so called developer is using every single legal loophole to avoid paying back the money of innocent and cheated on investors. A well case of fraud that media needs to pay attention to.
By delaying and giving people empty promises, Al Attars are looking for some bad event to occur in the region so that investors will not be in a position to request their money back. Then he wins and investors lose.
So many of us have been stung by these corrupt supposed "Developers". And when you think about it, it just goes to show how flawed the laws in Dubai really are that allows thieving individuals like Al Attar Properties to continue to trade without any punishment. Because lets face it in any other country in the world the laws would see Al Attar's behavior as fraudulent and corrupt and would bring the Directors to justice and have their assets confiscated and repaid back to the investors they've swindled. But NO! Al Attar Properties continue to trade and the ruling authorities of Dubai do nothing leaving the Investor out of pocket and the Directors with huge smiles on their faces. It is highly SHAMEFUL that the Authorities of Dubai do nothing!
The CEO of RERA, Marwan bin Ghalaita has said that in 2010 RERA looked at the Real Estate Market and did an entire audit. He has said that there will be a lot of cancellations this year dependent on criteria. If he is true to his word then projects in IC Phase 3 supposedly built by Al Attar will be canceled because nothing has ever been started and would hopefully come under the criteria of canceled. If this is so then Al Attar would have no choice but to refund the swindled investor. All this is just wishful thinking for now, but Marwan bin Ghalaita is now on record for saying this. One lives, hopes and prays that his words are true. If they are then the Directors of Al Attar Properties are hopefully crapping themselves.
The only other way is to go through litigation through the Property Courts. Al Attar know this and it is costly. But lets face it if the courts ask and want proof of where the allocated money has gone from these developments Al Attar don't have a case to answer for, because we know they've used it for their own purposes not on the developments these installments were allocated for which would work in favor of the investor.
Al Attar Investor Monday, 28 March 2011 9:32 AM - England If Marwan Bin Ghalaita is serious about tackling the problems within the Dubai Real Estate Market then his first stop would be to tackle the Developers who have exploited the flawed Laws of Dubai for their own financial gain with no intention of building anything leaving the investor seriously out of pocket. A prime example would be Al Attar Developers who have so called "Developments" in Business Bay, Jumeriah Lake Towers and International City Phase 3. All projects came on the market back in 2005, non of which have ever been built leaving so many investors let down. Whilst RERA was set up to create "transparency within the Property market" it has failed to protect the investor against such developers. These developers are the real problem behind the Dubai Real Estate Market and should be brought to book
As a fraud victim of al attar fraud scheme I became highly curious to know how a person (?) can inflict such high amount of pain on so many innocent people, so I further investigated the man behind the so called al attar properties development through various people who to some extend new him. Following are some sad findings: Ahmed Al Attar (very deceptive, secretive with cult like lifestyle, insecure yet very arrogant, ruthless yet uses the cover of religion to hide and show himself as compassionate, timid while hiding a lot of dark secrets, never has done any good in his entire life) was very low ranking Etisalat employee. In early 1980’s his father took him to work for one of his relative who was in the business of smuggling gold from Dubai to India. In one of this smuggling trip he did not deliver the cargo to the target and instead sold it to different people in India. Since the proceeds were illegal, the relative could not file legal action against al attar. This was how al attar made his first large illegal money. Then he got into importing wholesale fake brands into Dubai for few years. Eventually got into property business knowing that he can not continue with selling fake products in large scale without being fined, made few small apartments when he managed to get the attention of some of his old customer in India and others who wanted him to be their front man in Dubai. He eventually became a great fronts for a number of people (mostly from Iran, India, Pakistan and Afghanistan) to do business for him through cash (very often he would deposit cash in banks for a fee for them) and always can tell banks that he got them from the proceeds of rents. He eventually got into real estate development fraud as early as late 2004. Sold many apartments mainly targeting low income investors (knowing that they are the least likely to file legal action and launch complaint at later dates). Through great marketing campaign (offering free car/Dodge Durango) using local and international newspapers and magazines also participation in various real estate exhibitions sold thousands of apartments (seven apartment buildings such as Vue de Lac, Vista Del Lago , Toronto Tower, Vancouver Tower, Global Point, Polaris, Skyscraper and 1000 villas in Jumairah Village area) in many occasions selling the same title to more than one investor. He embezzled hundreds of investors out of their savings. With the investors money purchased the current “Al Attar Business Tower” (previously know as Kendah House). Ironically this even further increased the investors’ confidence that Al Attar would deliver what he promised! He used the same venue (al attar business tower) to further market his properties. Many more investors flocked to al attars and purchased properties during the real estate boom. He would not refuse any price since he did not intend to deliver. Remember that many of al attars are not necessary computer educated or even literate to express their opinion using social media. At later stage, he also intimidated some of investors by saying that he has some partnership with the royal family in Dubai through some of his employees and that if they launch any complain their visa gets cancelled. He also was dismissing any of his employees as soon as they suspected about al attar frauds. This kept him ahead of game for so many years. In addition he used the gimmick of stating that he is going to build own factories related to construction (never built any, can see some of news article before) so that is the reason he can afford the very competitive price he is offering to his customers. One big loophole that he used in his contract early on was that he did not make link between the payment installments to the construction milestone; therefore, he continued charging the investors (some paid as much as 85%) without laying a single brick.
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ReplyDeleteAl Attar never had a geniune intentions to build any of these projecdts from start. They used the investors fund to develop their own projects. Ïn Economic Term This is known as "Al Attar Free Financing Scheme".
ReplyDeleteThe best way for investors to get their money back would be to:
Arrange an action group (there are hundereds if not thousands of dissatisfied/cheated on investors) by asking the investors in these failed projects to get together. Creation of a web site toward this goals with investors email addresses would be a good start.
2) Collectively approach RERA to file the case against Al Attars
3) Invite local Media (i.e. The National and Emirates Business 24/7) to report the case.
4) Use social media to express your expereince with Al Attars
5) As Action group stay cohesive and together (as Al Attar have used the policy of Devide and rule for long time)
6) It is my understanding that the case is very similar if not identical to ""Al Boom"" case; however, it is a shame that this has gone quiet for such a long period.
Al Attars are well known to be the king of money laundering in Dubai.
ReplyDeleteIt is so sad to see that this corrupt so called developer is using every single legal loophole to avoid paying back the money of innocent and cheated on investors.
A well case of fraud that media needs to pay attention to.
By delaying and giving people empty promises, Al Attars are looking for some bad event to occur in the region so that investors will not be in a position to request their money back. Then he wins and investors lose.
ReplyDeleteSo many of us have been stung by these corrupt supposed "Developers". And when you think about it, it just goes to show how flawed the laws in Dubai really are that allows thieving individuals like Al Attar Properties to continue to trade without any punishment. Because lets face it in any other country in the world the laws would see Al Attar's behavior as fraudulent and corrupt and would bring the Directors to justice and have their assets confiscated and repaid back to the investors they've swindled. But NO! Al Attar Properties continue to trade and the ruling authorities of Dubai do nothing leaving the Investor out of pocket and the Directors with huge smiles on their faces. It is highly SHAMEFUL that the Authorities of Dubai do nothing!
ReplyDeleteThe CEO of RERA, Marwan bin Ghalaita has said that in 2010 RERA looked at the Real Estate Market and did an entire audit. He has said that there will be a lot of cancellations this year dependent on criteria. If he is true to his word then projects in IC Phase 3 supposedly built by Al Attar will be canceled because nothing has ever been started and would hopefully come under the criteria of canceled. If this is so then Al Attar would have no choice but to refund the swindled investor. All this is just wishful thinking for now, but Marwan bin Ghalaita is now on record for saying this. One lives, hopes and prays that his words are true. If they are then the Directors of Al Attar Properties are hopefully crapping themselves.
The only other way is to go through litigation through the Property Courts. Al Attar know this and it is costly. But lets face it if the courts ask and want proof of where the allocated money has gone from these developments Al Attar don't have a case to answer for, because we know they've used it for their own purposes not on the developments these installments were allocated for which would work in favor of the investor.
Just view the following link:
ReplyDeleteJust view the following link:
http://gulfnews.com/news/gulf/uae/housing-property/vue-de-lac-towers-towering-trouble-in-dubai-1.785450
Al Attar Investor
ReplyDeleteMonday, 28 March 2011 9:32 AM - England
If Marwan Bin Ghalaita is serious about tackling the problems within the Dubai Real Estate Market then his first stop would be to tackle the Developers who have exploited the flawed Laws of Dubai for their own financial gain with no intention of building anything leaving the investor seriously out of pocket. A prime example would be Al Attar Developers who have so called "Developments" in Business Bay, Jumeriah Lake Towers and International City Phase 3. All projects came on the market back in 2005, non of which have ever been built leaving so many investors let down. Whilst RERA was set up to create "transparency within the Property market" it has failed to protect the investor against such developers. These developers are the real problem behind the Dubai Real Estate Market and should be brought to book
As a fraud victim of al attar fraud scheme I became highly curious to know how a person (?) can inflict such high amount of pain on so many innocent people, so I further investigated the man behind the so called al attar properties development through various people who to some extend new him. Following are some sad findings:
ReplyDeleteAhmed Al Attar (very deceptive, secretive with cult like lifestyle, insecure yet very arrogant, ruthless yet uses the cover of religion to hide and show himself as compassionate, timid while hiding a lot of dark secrets, never has done any good in his entire life) was very low ranking Etisalat employee. In early 1980’s his father took him to work for one of his relative who was in the business of smuggling gold from Dubai to India. In one of this smuggling trip he did not deliver the cargo to the target and instead sold it to different people in India. Since the proceeds were illegal, the relative could not file legal action against al attar. This was how al attar made his first large illegal money. Then he got into importing wholesale fake brands into Dubai for few years. Eventually got into property business knowing that he can not continue with selling fake products in large scale without being fined, made few small apartments when he managed to get the attention of some of his old customer in India and others who wanted him to be their front man in Dubai. He eventually became a great fronts for a number of people (mostly from Iran, India, Pakistan and Afghanistan) to do business for him through cash (very often he would deposit cash in banks for a fee for them) and always can tell banks that he got them from the proceeds of rents. He eventually got into real estate development fraud as early as late 2004. Sold many apartments mainly targeting low income investors (knowing that they are the least likely to file legal action and launch complaint at later dates). Through great marketing campaign (offering free car/Dodge Durango) using local and international newspapers and magazines also participation in various real estate exhibitions sold thousands of apartments (seven apartment buildings such as Vue de Lac, Vista Del Lago , Toronto Tower, Vancouver Tower, Global Point, Polaris, Skyscraper and 1000 villas in Jumairah Village area) in many occasions selling the same title to more than one investor. He embezzled hundreds of investors out of their savings. With the investors money purchased the current “Al Attar Business Tower” (previously know as Kendah House). Ironically this even further increased the investors’ confidence that Al Attar would deliver what he promised! He used the same venue (al attar business tower) to further market his properties. Many more investors flocked to al attars and purchased properties during the real estate boom. He would not refuse any price since he did not intend to deliver. Remember that many of al attars are not necessary computer educated or even literate to express their opinion using social media. At later stage, he also intimidated some of investors by saying that he has some partnership with the royal family in Dubai through some of his employees and that if they launch any complain their visa gets cancelled. He also was dismissing any of his employees as soon as they suspected about al attar frauds. This kept him ahead of game for so many years.
In addition he used the gimmick of stating that he is going to build own factories related to construction (never built any, can see some of news article before) so that is the reason he can afford the very competitive price he is offering to his customers. One big loophole that he used in his contract early on was that he did not make link between the payment installments to the construction milestone; therefore, he continued charging the investors (some paid as much as 85%) without laying a single brick.