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Police seek Al Barakah CEO
- United Arab Emirates: Thursday, December 04 - 2008 at 07:50
The chief executive of Al Barakah, a UAE-based property developer, is wanted by Dubai police in connection with Dhs14m ($3.8m) worth of bounced cheques, The National has reported. Al Barakah, which had launched more than a dozen developments in Dubai and Ajman, lured homebuyers with a guarantee of a 50% profit in six months, the paper reported. To convince them, the company issued post-dated cheques for that time period. Police say at least Dhs14m worth of those cheques have bounced and the company's chief executive, Imran Khan, has so far eluded investors and law enforcement officials looking for him. The status of the company's developments remains unclear.
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Jeff Florian, Senior ReporterThursday, December 04 - 2008 at 07:50 UAE local time (GMT+4)
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