The Dubai Court of Appeal heard on Thursday two cases related to Dynasty Zarooni in which the company, its owners and executive are accused of defrauding property investors of a total of Dh1.2 billion.
In the first case, the court, which was supposed to give a verdict regarding a request made by 36 investors for instating defrauding accusation, adjourned the case to September 23 for verdict as one of the three accused failed to attend the hearing.
In 2009, the plaintiffs had filed complaints claiming that Dynasty Zarooni, the company’s partner, CEO and managing director, KM, and its British executive, RG, had sold investors plots of land that did not exist.
The case was dismissed by the prosecution after reviewing a report handed in by a property market expert assigned by the accused.
The plaintiffs challenged the decision considering that flawed investigations were conducted.
Al Shaali and Company, representing the plaintiff, submitted in an earlier hearing his defence saying the prosecution combined non-related complaints filed to police against Dynasty Zarooni into one case and failed to investigate the property fraud.
In the second case, the 36 local and overseas investors appealed the acquittal sentence awarded in the favour of Dynasty Zarouni, its Emirati partner, CEO and managing director and executive on May 30.
The subject of this case was that the company and its officials have set up a bogus investment portfolio and promised them hefty returns and defrauded investors of Dh893 million. Emirates Business
