I recently booked an office with Dynasty Zarouni in the highly advertised Ebony Tower.
I have been baffled ever since I bought it because my office space as per my contract is 14,664 sq ft and
I came across a shocking document of MoU signed between DZ and Al Fajer Properties along with the spreadsheet of sales and floor plans which clearly states the floor size to be 11,300 sq ft.
This difference roughly amounts to be 30% and is an indigestible difference.
Transparent calculations have shown that DZ has already or in some cases is currently receiving premiums from the contract.
The part that sends a shiver down my spine is that DZ does not have an escrow account
With the kind of scams going around these days, I have a series of questions starting….
What happens if Al Fajer is telling the truth about the floor space and DZ isn’t
How do we get re imbursed… blah blah… especially if there is no escrow
Who is Hilal Zarouni and Kabir Mulchandani
Why is Gulf News mis representing the facts. Isnt it a very credible news source?
What is the procedure for taking legal action!
Alot of things don’t make sense here and I hope I can find some answers
There is a big “IF” attached to my presumably new office set up i.e if DZ is not a total hoax
In one case, I m losing quite alot and in the second one I stand to lose everything.
Confusion!
38 comments:
Get a lawyer to represent you otherwise you ll be lost.
But make sure the lawyer is extra ordinary because these people have the most expensive and best law firms with them.
This is shocking.
If you go to the dynasty zarooni website and read the disclaimer.... you will get the tru blu picture.
The disclaimer reads as follows:
Dynasty Zarooni. © 2008 Privacy Policy Terms Of use
Disclaimer: All information on this website is given in good faith and with knowledge of local and international property trends. We can not guarantee the future performance of any investment and advise you to make any research you feel appropriate prior to committing to any purchase.
Quite a technical glitch there... NO?
This is a difficult disclaimer to comprehend.
It looks like their lawyers specifically put this up in case someone tried to come after them.
BRAVO!
Dude it means whatever you buy... is at our terms...
we ll talk about you when we have time... in the meantime...
MYOB;)
lol!
I really like the term:
T . I . D
This Is Dubai!!!!!
rohit.. i am from a channel .. need ur contact to make ur point heard. can u post ur email Id or number
Dynasty Zarooni gets clean chit
By Saifur Rahman, Business Editor
Published GulfNes: August 25, 2008, 23:12
Dubai: Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged 'smear campaign' to malign its reputation, officials said.
The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged 'wrongdoing', Gulf News has learnt.
Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another".
One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
"Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.
Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.
Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.
Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation.
"These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.
Dubai property market is going to crash because the government is a cheater as well. Its not just dynasty zarooni & sheikh maktoum hasher who are taking advantage of the situation, Nakheel, dubai properties..... all are in the thick of fraud.
There are no systems
Kabir mulchandani is a wanted criminal in india and now he will be arrested in dubai for property fraud 7 there is nothing that sheikh maktoum hasher and his father sheikh hasher maktoum juma al maktoum the brother in law of sheikh mohammed bin rashid can do to save the indian criminal
Sheikh maktoum hasher the son of sheikh hasher maktoum (better known as the scisor sheikh) is a partner of the same indian crook who was selling us tvs back home and then fled india. Now its properties and fraud is written all over it. How come they advertise a picture of a building under construction and when we pay dynasty zarooni , we discover after 8 months that there are no contractors on site yet??? Why are they being protected.... why does kabir mulchandani the wanted criminal in india feel he is above the law in dubai... where is the public prosecution? its sad for sheikh mohammed to attract such criminal as "investors"
Ohhh come on you dubaians, wake up when your sheikhs are thieves and crooks what else is there to talk. In saudi we are very straight and thats why we don't have the emirati ego problem. Who is sheikh kabir mulchandani al maktoum? how come he is got a hindu name?
T.I.D how come you know all of this/ Were you also a crook in dynasty zarooni gang? kabir always attracted such crowds in his office. dubai the land of crooks and real estate fraud
Atleast i give some credit to kabir mulchandani to cheat a duai sheikh like sheikh maktoum hasher and his father sheikh hasher maktoum the scisor sheikh. kabir bahi, well done, go and teach these bloody arabs how to be a real crook.
Sheikh maktoum hasher is stealing from his own father. Threatening Al Fajer Properties employees if they talk he will get them arrested. What a desperate coward. His father is known to have the begging bowl towards the foreign investors in dubai thats why he is never seen with any locals. Sheikh maktoum hasher has taken our money and there is no construction on ebony & Ivory towers after 10 months and paying 20%!!!! where is the money??????
As a UAE national I am ashamed of having a member of dubai's royal family cheating foreign investors. Please send your complaints to sheikh mohammed's office, they will investigate sheikh maktoum hasher & his well known beggar father... remember sheikh hasher maktoum was fired from the media by sheikh mohammed so theguy is not respected at all. fight for your rights.
Dubai is shooting itself in the foot. When the sheikh like maktoum bin hasher maktoum al maktoum and his father sheikh hasher maktoum juma al maktoum start to steal from people, then it shows its unsafe to keep your money here. the millon dollar question is where is our mony which was paid to dynasty zarooni for the purchase of al fajer's towers?????
Why is sheikh hasher maktoum hidding and not responding
dear Fellow investors,
Please write to RERA & sheikh mohammed's office. Sheikh hasher maktoum & his fraudster son sheikh maktoum hasher are a bunch of rejected al maktoum members. it means nothing trust me. they talk big, but in reality they are nothing but a baloon with hot air, easily pierced with a prick.
Never do business with a poor sheikh, he is grown up with hatred towards anyone with money because he was always excluded from the elite social circles despite being a sheikh. thats exactly the case with sheikh maktoum hashr al maktoum & his father scissor sheikh hasher maktoum. Al fajer properties is destroyed by sheikh maktoum hasher who thinks he is above the law. Sheikh mohammed can not turn a blind eye to such criminals in his family any longer.
Dubai should not allow the poor sheikh like sheikh maktoum hasher to do such illegal acts because at the end of the day we wouldnothave entered into a contract if it wasn't the al maktoum nae.
Sheikh hasher maktoum is a well known thief.
As a Dubai citizen, Sheikh maktoum hasher has brought shame to our country. his father is known to be a thief. i know his daughters they are suffering from the way they are treated by the greedy father. Sheikh mohammed bin rashid knows very well that sheikh hasher maktoum is good for nothing and several time he wanted to put him in jail for stealing.
If sheikh maktoum hasher had cheated anyone in india we would have taught him a lesson, but in dubai a sheikh can get away by stealing from people. Sheikh hasher maktoum is a royal thief
Sheikh mohammed bin rashid should stop the thieves in his family. Where is our money? Sheikh maktoum hasher and his father sheikh hasher maktoum are a bunch of beggars partnering with criminals like kabir mulchandani.
kabir Mulchandani the famous criminal from india has cheated us with the biggest scam ever. dubai's property market is ruined with such thieves & ofcourse when kabir teamed up with sheikh maktoum hasher another well known thief the result is the ebony & ivory towers which have no construction on site....
http://www.raisethehammer.org/index.asp?id=781
As a UAE national with PhD in law I have to admit that Sheikh Mohamed has failed to put in place a transparent judiciary and has concentrated more on self PR by anouncing unrealistic projects and reading clever lines which secures his own ego problem. His family members treat the society like animals… they steal from foreign businessmen, threaten them, and some times using the famous state security even arrests them to reach their commercial goals.
it s sad that sheikh mohammed’ s brother in law sheikh hasher maktoum has stolen a multi billin dollar bussiness from a foreign investor just because he is related to sheikh mohammed. We have no human rights here, the judiciary is as corrupt as real estate, finance, immigration…. dubai is crashing
WOW... Dubai Ruling family & Kabir Mulchandani stealing from investors....
Sheikh maktoum hasher must be a real cheap sheikh. Goodluck guys, dubai has no laws, its all corrupt from the top to the bottom. better to invest in USA.
Kabir Mulchandani is a criminal who has cheated hundreds of investors in dubai & india. the question is why is he being protected by another criminal sheikh maktoum hasher.
KABIR MULCHANDANI WAS ARRESTED TODAY FROM HIS OFFICE IN DYNASTY ZAROONI BY DUBAI CID. HE IS SLEEPING THE NIGHT IN AL REFAA POLICE STATION. HE HAS 163 CASES AGAINST HIM SO FAR. ALL INVESTORS ARE REQUESTED TO FILE A CASE TO PROTECT THEIR MONEY. HE HAD TRANSFERED ALL THE MONEY OUTSIDE THE COUNTRY BUT WAS CAUGHT ON TIME.
KABIR MULCHANDANI WAS ARRESTED TODAY FROM HIS OFFICE IN DYNASTY ZAROONI BY DUBAI CID. HE IS SLEEPING THE NIGHT IN AL REFAA POLICE STATION. HE HAS 163 CASES AGAINST HIM SO FAR. ALL INVESTORS ARE REQUESTED TO FILE A CASE TO PROTECT THEIR MONEY. HE HAD TRANSFERED ALL THE MONEY OUTSIDE THE COUNTRY BUT WAS CAUGHT ON TIME.
KABIR MULCHANDANI SPENT THE NIGHT IN AL REFAA POLICE STATION JAIL FIGHTING FOR BAIL. HE WILL BE TRANSFERED TO BUR DUBAI JAIL FOR NEW CASES.
Dear fellow investors,
Please send your complaints to ebony_ivory_investors@hotmail.com with your mobile numbers. We are filling criminal cases against Kabir Mulchandani & Dynasty zarooni. Please send your contact details today to orgaise a meeting with te lawyers.
Dear Investors,
As you are all aware, we bought properties in Ebony 1 & Ivory 1 & Ivory 2 Towers based on the photographs advertised in Gulf News where construction was shown at advanced stage.
Unfortunately, we have realized that Al Fajer Properties (supposed to develop Ebony 1 & Ivory 1 & Ivory 2 Towers on plots H1 & H3 & G3 in Jumeirah Lakes Towers project) has neither appointed a contractor nor obtained a building permit from JAFZA yet. Moreover, these plots are still abandoned up till the moment.
This is a clear criminal case against Dynasty Zarooni represented by Kabir Mulchandani and Al Fajer Properties for the fraud & misrepresentation of the status of Ebony & Ivory projects.
Please note that several complaints were filed against Kabir Mulchandani (representative of Dynasty Zarooni) who was arrested today in Al Rafaa Police Station (under case no. 2008/260 km – arrested in custody). Also another arrest warrant was issued against him by Bur Dubai Police Station (under case no. 2009/1).
Further, as you realized, the prices (at which we purchased the off-plan properties within Ivory & Ebony towers) are 40% more expensive than the real value of these projects which were shown at Intermediary/ Advanced level stages while the truth is grim and far from what was advertised.
For the reasons set out above, we are forming a group to file a criminal case against Dynasty Zarooni in order to claim back our paid monies before Kabir Mulchandani walks away with our life savings. By submitting a collective complaint, the legal charges would be affordable.
Please confirm your interest by replying back to this Email as soon as possible in order to advise you about the procedures to be followed.
Regards
Ebony & Ivory Investors.
sheikh maktoum hasher the coward sheikh who has stolen our money should also be arrested
hilal zarooni is a uae national he also owns le-paris jewalery shops in dubai.
He should think twice of cheating foreign investors with this indian fraudster kabeer out of millins dirhams, they both planned this really well. now we the investors have to suffer by investing in a country with no human and investor rights. rera with wasta protects hilal and kabeer. we all no whats going on at the land dept!!!!!
ALL INVESTORS PLEASE NOTE HILAL ZAROONI LIVES ON ALDANYA ROAD IN JUMEIRA JUST PAST NEW CHOITRAM ALWASEL ROAD. IF YOU DRIVE PAST YOU WILL SEE A CONVERTIBLE BRAND NEW PHANTOM (ROLLS ROYCE) PARKED IN DRIVE PURCHASED WITH YOUR HARD EARNED MONEY> ONE BELONGS TO KABEER THE THE HILAL. VILL ON YOUR LEFT SIDE HALF WAY ON THE ROAD.
SHEIKH MAKTOUM HASHER SHOULD BE ARRESTED FOR SUCH CRIIMINAL PARTNERSHIP WITH KABIR MULCHANDANI CHEATING HUNDREDS OF INVESTORS IN EBONY IVORY PROJECT. SHAME ON A SHEIKH TO STEAL FROM SMALL INVESTORS LIKE US.
DUBAI -- Amid the movers and shakers of this glittering city, Shahram
Abdullah Zadeh cut a wide swathe. He cruised around town in a white Bentley
and dined with royalty as his company developed one of the emirate's premier
office complexes.
But last February, a phone call from Dubai's state security effectively
ended it all.
Hauled in and locked up for 60 days, Mr. Zadeh says he was interrogated
about his role in Dubai's freewheeling real-estate sector and his business
relationship with the brother-in-law of Dubai's ruler, Sheikh Mohammed bin
Rashid Al Maktoum. When released, Mr. Zadeh says he had been frozen out of
the real-estate company he had helped start.
Mr. Zadeh's experience, compiled though court and company documents, offers
a rare window into the murky business world that helped transform this city
from an empty coastline into a metropolis. It also may offer a cautionary
tale for investors lured to the city, which bills itself as the modern face
of a new Middle East. Dubai is one of seven semi-autonomous emirates that
make up the United Arab Emirates.
The U.S. government and human-rights groups have long criticized the
judicial system in the U.A.E for a lack of independence and oversight. In
the good times, investors didn't fret much about these shortcomings. Now,
some of the same deals that helped build Dubai are coming undone -- in
particular, a tradition of off-the-book business partnerships between
Emirati citizens and elite expatriates like Mr. Zadeh, who was born in Iran.
Mr. Zadeh claims his detention came after a business dispute with his
partner at Al Fajer Properties, Sheikh Hasher bin Juma'a Al Maktoum and his
son, Sheikh Maktoum bin Hasher al Maktoum. Both men are members of the
extended family of Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. Mr.
Zadeh alleges the two men took control of the firm while he was in custody,
according to a lawsuit he filed with Dubai's public prosecution office last
year.
Mr. Zadeh has not been charged with a crime. But for the past year,
authorities have held onto his passport, making it impossible for him to
travel or find work.
"I used to believe in the miracle of Dubai. But now I see it all as a
mirage," said Mr. Zadeh, 37. Sheikh Hasher denies any wrongdoing. He says he
was not responsible for Mr. Zadeh's jailing and that he removed him from the
company because Dubai authorities said he had offered bribes, an allegation
Mr. Zadeh denies.
"I don't need to defend my reputation. He does," Sheikh Hasher said in a
telephone interview. "This man is crazy. He is a crook with a sweet tongue."
Some of Mr. Zadeh's claims are impossible to verify independently. His only
copy of the real-estate partnership agreement is missing, and official
company documents show the Sheikh Hasher as sole owner. Dubai's security
services, the public prosecutors' office and the Dubai ruler's court all
either declined to comment or didn't respond to repeated requests for
comment.
Last fall, the Emirates' Human Rights Association, a government body, wrote
to authorities asking for an explanation about why Mr. Zadeh's passport was
being held. The group did not receive any response, according to his
lawyers.
Mr. Zadeh grew up in Dubai, attending school with the children of some of
the city's top families. He managed his family's hotel and retail holdings
and decided to go into business himself in 2000. Real-estate development was
off limits to foreigners, even longtime residents like himself. So, he
turned to a common practice -- a silent partnership with a U.A.E. citizen.
Typically, such partnerships involve an Emirati acquiring a business license
and then granting his foreign partner management control. The foreigner
either pays an annual fee to the Emirati or the two share profits. The terms
are set forth in a parallel set of documents, separate from those submitted
to the government. Such contracts are so common that courts here have upheld
them in disputes, according to commercial lawyers here.
In 2004, an old friend of Mr. Zadeh's father brokered an introduction with
Sheikh Hasher. The sheikh owns Al Fajer Enterprises, a conglomerate that
includes a large construction and contracting arm.
In affidavits filed with Dubai's prosecution office, Mr. Zadeh contends that
he and Sheikh Hasher verbally agreed to a partnership, signing a contract on
Feb. 1, 2006. The partnership, Mr. Zadeh says, established the two men as
co-owners of Al Fajer Properties. The men would split profits equally and
would invest equal amounts of capital. The contract named Mr. Zadeh as chief
executive.
Mr. Zadeh provided $335,000 in start-up capital, and he invested another
approximately $30 million in the company, according to bank documents
reviewed by The Wall Street Journal. Mr. Zadeh's affidavits contend Sheikh
Hasher didn't contribute any capital. Sheikh Hasher denies the equity
partnership ever existed.
Business took off quickly. One of Al Fajer's biggest projects was a planned
$750-million development of five office towers, set just inland from Dubai's
man-made, palm-tree-shaped island. Mr. Zadeh bought three of the five plots
for the 40-story towers with his own money, according to financial
documents. With investors lined up for units, he then awarded $215 million
worth of contracts to the construction arm of Sheikh Hasher's Al Fajer
Enterprises, according to company documents.
But by late 2007, the contractors were behind schedule, according to company
documents and former employees. Al Fajer Properties was facing fines for the
delays, and buyers were starting to complain. Sheikh Hasher wanted payments
to continue to his companies, but Mr. Zadeh claims he said no. The sheikh
complained in a series of text messages that unless Mr. Zadeh released more
cash, his contracting companies would go bankrupt.
On Feb. 21, 2008, Mr. Zadeh claims, he received an unusual phone call from
State Security, asking him to come in that evening for a talk. When he
arrived, , he claims that police blindfolded him, put him into a
sport-utility vehicle and drove him to a detention center.
In the eight weeks he was jailed, Mr. Zadeh says he was never accused of a
specific crime or shown an arrest warrant. Instead, he says, he was
repeatedly interrogated about his personal life and Al Fajer's operations,
and gave his interrogators the combination to the company's safe after they
asked for it. "They told me that if I did not cooperate that they would ruin
me," Mr. Zadeh said.
Mr. Zadeh contends the only copy of his partnership agreement with Sheikh
Hasher was in the safe. Former employees of Al Fajer say the company safe
was emptied while Mr. Zadeh was jailed.
On March 6, Sheikh Hasher's son, Sheikh Maktoum, was named the new chief
executive of Al Fajer Properties. Sheikh Hasher hired international
accountants to audit Al Fajer's books, according to former employees. He
then presented the findings to employees and select clients, accusing Mr.
Zadeh of embezzling funds. Phone calls and emails sent to lawyers and
accountants of Al Fajer Properties were not returned.
Sheikh Hasher says Mr. Zadeh stole money from him, but did not provide
evidence, or the audit, to back his claim. Mr. Zadeh denies it.
Prosecutors refused to investigate the case, citing an order from Dubai's
attorney general, an official appointed by the ruler. In November, Mr. Zadeh
tried one last option. He approached the ruler's diwan, or court
administration, and asked for mediation from Sheikh Mohammed himself.
So far, there has been no reply.
Original: WallStreetJournal
http://online.wsj.com/article/SB123457503562586691.html
also published on: www.7starsdubai.com
Shame on sheikh hasher maktoum who is known to be a thief between the locals
Any society's folklore is seen as a historical storehouse in which people maintain their predecessors' traditions, arts, images of social life, ideals, and values, in all calm and warlike circumstances, as well as joys and tragedies.
That is, by crystallizing it into songs and poems that maintain its glory, or by passing it down through folk dances and dances.
Qatar has a strong folk legacy that dates back to the forefathers and may be shown in a variety of ways, including:
Al-Ardah: In Qatar, this is a popular hue that is only worn by men at weddings.
Al-Razif: In all of its forms, it is a folklore dance art that is unique to the Qatari people.
Young and elderly share a contract where it is conducted collectively, and they wear traditional Qatari garb while wielding swords.
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