The chief executive of a property development firm suspected of cheque fraud has written an e-mail distributed to investors asking for time to repay them after failing to deliver on promised 50 per cent returns on deals for buying apartments.

Imran Khan, the chief executive of Al Barakah Investments, persuaded more than 100 investors to make downpayments on units in more than a dozen proposed buildings in Dubai and Ajman. He signed memorandums of understanding (MOUs) promising guaranteed buy-backs with 50% profit after six months and issued post-dated cheques to back up his promises.

The National