Police seek Al Barakah executive

Police and investors are trying to track down the chief executive of Al Barakah, a property developer, in connection with Dh14 million (US$3.8m) worth of bounced cheques.

Al Barakah, the group behind the development of the “tallest tower in Ajman”, as well as several projects in Dubai, enticed homebuyers with a guarantee of a 50 per cent profit in six months. To convince them, the company issued post-dated cheques for that time period.

Police say at least Dh14m 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, which number more than a dozen in Ajman and Dubai, remains unclear.

Mr Khan’s personal assistant, Abdul Qadeer, said Mr Khan was ill. “Imran Khan is not picking up the phone,” Mr Qadeer said. “He is not feeling well, but he is in Dubai.”
Some of the affected projects are: Sanali Towersin Downtown Dubailand,  Le Stelle in Dubailand and Al Tafany, in the City of Arabia.

UAE Lists comment: Unfortunately this might only be the beginning of post-dated cheques bouncing. If you have bought into one of these “Post Dated” cheque deals, check if your developer is still available and building is progressing.

Police seek Al Barakah executive - The National Newspaper

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