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Mon 14 May 2012 02:44 PM

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Doha residents conned out of US$25m in property scam

Warning issued after 50 Indian expats fall victim to bogus investments in Kerala

Doha residents conned out of US$25m in property scam

Fifty Indian expats were conned out of nearly US$25m when they invested in a bogus property scheme in south India, according to a report on Monday.

In addition to Indian residents, other expatriates living in Doha have also been scammed, legal expert Nizar Kochery told the Gulf Times newspaper.

In many cases, the properties, in the state of Kerala's Kochi City, were due to be delivered up to two years ago, the report said.

In a bid to resolve the situation, Kochery and some of the victims recently met with Oommen Chandy, Chief Minister of India’s Kerala province and Minister for Non-Resident Keralites Affairs (Norka) K C Joseph in Doha.

The group has now called for more regulation of Indian property firms selling properties in Qatar and for residents to only deal with those certified by Indian authorities.

Kochery also suggested Indian expats obtain attestations from the district or state chambers of commerce.

“While promising action against the culprits in the latest housing scam… We also asked the CM (chief minister) and Norka minister to look into the possibility of initiating legal action against people living in the Gulf who facilitate the visits of the business delegations, in particular those in the real estate industry who have poor track records,” Kochery was reported as saying.

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suresh kumar 8 years ago

There is a saying in INDIA "Pani ki kamayi pani me gai". means Money earned through wrong ways will go in vain. The story behind this saying is like this ..there was a milkman(the person who sells milk). he used to put water in milk and sell. by doing this he earned huge amount of money. One day he bought a precious neckless with diamonds for his wife and was coming to his village from city. Since he was living other side of river so he was crossing the river on boat. he brought out the neckless from his pocket and looking at it..smiling. the sametime a strong wave came in river and necklace dropped in river..