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.