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Sun 7 Nov 2010 11:26 AM

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Real estate-linked cheque fraud cases down in Dubai

Judge says Judicial Committee has had a positive impact on disputes between investors and developers

Real estate-linked cheque fraud cases down in Dubai
Dubai skyline, Dubai buildings, Dubai real estate, Dubai property, Dubai economy

No one has been jailed for in Dubai has been bouncing a real estate related cheque since the emirate's Judicial Committee was formed in September 2009, a panel member has said.

Judge Fahd Rashid Al Shamsi told Emirates Business 24/7 that the committee, which was set up to help investors and developers reach an amicable solution in default cases, was having a positive impact.

Al Shamsi told the paper the number of current disputes totals “just hundreds and not thousands” and that the committee had helped “several prisoners jailed for bounced cheques to walk free."

"The committee has received 500 reports only from Jebel Ali police station since its establishment,” Al Shamsi said.

The committee, headed by Chancellor Omar Atiq, considers about 120 cases a month, of which 90 percent are referred by the courts or police.

Only 10 percent of cases before the committee are filed by developers, the paper said.

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I have a an ijara agreement with DIB, where I have given them PDCs and a security cheque towards a property in Executive Towers in Dubai. The handover is not yet finalised, since I was deported last Aug on medical grounds and have not been able to return since to claim possession of the property.

My lawyer friends in home-country here tell me that it is not my responsibility anymore since I have been denied entry into UAE and as such denied usage of a property that I promised a long-term lease on.

I have a feeling though that rogue bank will surely bank my cheques which will bounce, and will file a case for cheque fraud against me. But I am not willing to negotiate anything with anyone in this case after the humiliation I have faced.