Abu Dhabi Investor tells court of cash rip-off

This content was originally posted in 7DAYS UAE website at: Abu Dhabi Investor tells court of cash rip-off A real estate agent has been accused of issuing a $280,000 cheque to his business partner, which later bounced. An Abu Dhabi court was told the British defendant convinced the man, also a British national, to invest the cash in the real estate business he was managing. A legal expert who witnessed the men’s investment contract told the court the defendant was to buy flats from owners who could not afford to complete their construction and finish them. He would then sell the properties and share the profits. The victim added that after two years, he asked the defendant to present a statement showing the business’ cash flow and profits. But the man refused. The investor had been given a cheque for $280,000 as security but when he tried to cash it, it bounced. The witness testified that he didn’t see any of the properties purchased by the defendant. The man had denied issuing a bounced cheque. The trial was adjourned until January 19. ismail@7days.ae Read the original story at: Abu Dhabi Investor tells court of cash rip-off