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according to AsabaThe real estate developer sold land in an upscale neighborhood in the city center to its clients, which included senior judicial officials, university professors, traders and investors. The latter later discovered that the bank had sold the acquired property to another real estate developer after preventive seizure.
read: Casablanca: A real estate developer was arrested for defrauding customers
The fraudulent developer absconded with the clients’ money, some of whom paid him more than Dh500,000 (equivalent to the price of a plot of land), while others paid a little more than half that amount. The victims filed a complaint with the King’s Procuratorate against the real estate developer, who has been arrested and banned from leaving the country.
read: Morocco: Guarantee to avoid real estate scams
Actively sought, the fraudster has defrauded more than Dh10 million from his victims in total. Several complaints have also been lodged against him for issuing bad cheques.
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