Scam prompts police to warn investors

Police have warned investors against buying properties from suspicious real estate companies, following a property scam in which people lost millions of dirhams.

The incident took place about five months ago when many foreign investors bought fictitious properties in the UAE and Spain.

A source from Dubai police said a man opened a luxury office on Shaikh Zayed Road to fool the investors. Dubai police arrested six people for their involvement in the scam run by gang leader Muzzafar Akhtar, 34, a Briton of Pakistani origin.

"We arrested Akhtar about five months ago while he was trying to leave the country following complaints that he cheated residents out of millions of dirhams," the source said.

The fictitious projects were The Jewels in Dubai, Star Island in Sharjah and Reserva de Miraflores in Spain. The police source said they were still receiving complaints about Akhtar.

"The public prosecution has sentenced Akhtar to two years imprisonment for the first complaint. He is still waiting to be sentenced for the other complaints."