Bahrain Mirror: A local newspaper said that a number of Gulf nationals were victims of the fraud of a real estate office that attracting customers with tempting prices to buy real estates through contracts between both parties, on the condition that the customer pays the bulk of the amount stated in the contract, and then begins to collect the agreed return for a few months before discovering the fictitious profits he obtained were only a fraud to pay more money to invest with the office and then the customer discovers that he is a victim of a scam after the revenues stop.

A number of victims told the newspaper that the office owner encouraged them and others to get into real estate investing, as she deceived them with a very large financial revenue, and that they're going to buy buildings with primary contracts and small money sums worth 112,000 monthly with a 2400 thousand BD revenues per month, as the buildings are entirely rented. She also told them that the rental of land where these buildings are is very low costing almost 190 BD. Based on these considerations, the clients agreed with that lady representing the real estate office, on signing the primary contracts and property management contracts.

The victims were later surprised that the rental revenue do not exceed 600 BD, however, she was paying from her own budget throughout 6 months to deceive them and encourage more investors. They also discovered that the actual value of the property that she sold them for 112,000 BD is not worth over 55,000 BD as real estate market value if habitable, contrary to facts. Thus, she committed fraud against them and exploited their ignorance showing them different places and addresses than the ones they thought they were purchasing. She also claimed that she owns the real estates, however, it was found that she does not. One of the victims also discovered that the building he bought overlooked muddy streets and is inhabitable and no maintenance was made to it.

The victims stressed that they filed a report against the office, especially that there are other victims who fell in the same trap. They also provided evidence and documents that support their cases.

Arabic Version