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Chinese business hub in Dubai south

Discussion in 'Middle East Property' started by alaii2000, Jan 19, 2019.

  1. alaii2000

    alaii2000 New Member

    I purchase this units in Dubai south
    April 2018 and July 2018, they told us there are some compilance about CRS so the transfer is deayed.
    And October 2018, the transfer dealyed because AML until now and on December 5th, Crowngate(the UK corporate) call me to buy back the property.
    And said the investment will return by February 2019.
    Is any one here invest the same project and face this situation?
    And is it true that CRS and AML will cause the delay for such a long time?
    I appreciate if anyone can give me some info, thanks
  2. Do these issues relate to:-

    Common Reporting Standard (CMS)
    Anti-Money Laundering (AML)

    If so, I would have thought those are issues which should have been addressed at the start of the project?
  3. diyhelp

    diyhelp Active Member

    I was under the impression that all new developments in Dubai had to be registered - therefore I would assume they abide by CMA and AML regs?
  4. alaii2000

    alaii2000 New Member

    Yes, I also check the OECD and news in Dubai. They actually faceD these problem. But I am wondering why this problem will take so long and the problem finally can’t be solved.
  5. diyhelp

    diyhelp Active Member

    I was under the impression that the new regulatory system would address issues such as these to make sure that investors are protected as much as possible? If what I would deem to be fairly simple issues have not been addressed in the early stages, surely this undermines the whole regulatory system?
  6. dbs01

    dbs01 New Member

    Hello I also invested on The same units and I received same info from Crowngate. Buy back contract should be sent this week.
  7. alaii2000

    alaii2000 New Member

    Yes, but they already broke their commitment to give us the buy back process not late than 1/31
  8. dbs01

    dbs01 New Member

    Yes agree. I am worried.
  9. Cbhinvestors5

    Cbhinvestors5 New Member

    I myself have invested in this scam and have set up a group with a few fellow investors.

    Basically if our buyback funds are not in our accounts by Thursday (28th and last day of the month) we have already set the wheels in motion to open the relevant cases with the relevant departments in the UAE.

    It all transpires that at no point was this investment ever regulated by any of the relevant UAE authorities and seeing as we haven’t seen any returns for quite some time now, it would seem that there is no money there to pay us.

    We will open cases against the two gentleman responsible for “Crowngate International” who are behind this scam and have already taken advice from both the Dubai police and the DIFC, both of whom seemed to think that we wait until month end to see if the monies are repaid as promised. The DIFC, however, did have this investment on their radar at one stage before so they will be more than happy to take action. I would imagine we are potentially talking about a multi-million dollar fraud here, so let’s see what transpires. Whatever happens we will not take this lying down.
  10. dbs01

    dbs01 New Member

    Have you warn Crowngate about Thursday? I have sent email to them almost everyday for the update. I do hope to receive the funds this week.
  11. alaii2000

    alaii2000 New Member

    Do you receive the buyback process update in 2/20? But sure I think it’s not done until the money back and I will take law action as well if something happened
  12. alaii2000

    alaii2000 New Member

    Do you receive the buyback process update in 2/20? But sure I think it’s not done until the money back and I will take law action as well if something happened
  13. Longterminvestor

    Longterminvestor Active Member

    I would guess that there are a lot of people in the same situation who will be keen to see whether any funds arrive by the end of the month. Can you keep us updated please?
  14. Cbhinvestors5

    Cbhinvestors5 New Member

    The key is not to sit on your hands and listen to promises that are being made. Action needs to be taken now, according to our sources both men are still currently in the UAE, however, the longer we let this run all that will happen is that they will up sticks and flee back to their native Ireland and none of us will ever see a single dirham of our funds back.
    I suggest everyone takes the appropriate action come the weekend if the funds are not in place.
  15. alaii2000

    alaii2000 New Member

    well, according to my query to Linda (the client manager of Crowngate)
    It's almost impossible to receive the fund by the 2/28
    The message is the same as the update received from CBH, repeating that the bond is under drawdown stage and once this been done, they can start the buyback.and this was subject to the bond being received.
    So I myself also consult lawyer to decide the next step.
  16. Cbhinvestors5

    Cbhinvestors5 New Member

    There is no bond and this is not happening.

    We will be taking the appropriate action today, they can no longer hide behind these lies this has been a blatant Ponzi scheme all along.

    We have our file on Mccormack and Smith ready and it will be submitted today
  17. alaii2000

    alaii2000 New Member

    Hi, guy, try to update what I know and if you want, we can unite to do somthing
    Now we three investors are going to send a legal notice to CBH.
    But we found the central bank of Dubai refuse to transfer the money to the lawyer account.
    Even after we provide the necessary information the the bank in our country, a few days later the money is refused. Maybe this is because CRS. Still try other way to do the law action. That's my situation now.
  18. lookinginvest

    lookinginvest Member

    Are the funds still held in an account under the control of CRS? It looks to me as though you thought they were held in an escrow account which would make sense to me.
  19. alaii2000

    alaii2000 New Member

    Well, I just update my situation to people who wanna know about the case. I am not sure it's because CRS or something. But my situation is Dubai's central bank refuse the transfer after we provide the information of the purpose of the money, who own the bank account, they even ask us to provide the other account name to make sure this people real exist, but after all, the central bank refuse and turn the money back.
    But at the same time, CBH still didn't have further step about the buy back.
  20. investortw

    investortw New Member

    We along with the "cbhinvestors5" group have opened a case in Dubai.

    All this talk about "Bonds" etc is a load of nonsense, we were sold this as a self sustaining investment, the returns from the business hub and the licences were meant to cover the returns.

    One thing is for sure there have been millions of dollars collected in terms of units sold and where has it all gone ? Also Crowngate were meant to be launching a Hotel in the UAE, what happened to that ? I suspect some of the CBH funds have perhaps been misappropriated towards this or towards the two men behind the operation.

    Whatever the situation it would seem that the money has run dry, let's see anyway as according to our information both men will not be able to leave the UAE as it stands, so lwe wait and see what the outcome is.

    Let's be honest who is going to lend this organisation funds in the form of the "bond" that they are talking about, and what will this be secured against, as far as we can see the company has no assets we are currently trying to see what entity owns the alleged plot of land for the proposed "AVANI" resort in RAK.

    The sale of an unregulated investment in Dubai and millions of dollars unaccounted for is not something that I would want to be facing questioning and potential serious jail time for anyway, you could be talking 10 to 15 years from what we have been told.

    Let's hope justice will be served in some form.
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