Police are investigating fraud allegations against the chairman of a leading Dubai private property company, as dozens of aggrieved investors claim he defrauded them of more than $100m (€74m, £66m).

Kabir Mulchandani, the chairman of Dynasty Zarooni, was arrested last week on allegations of fraud, and was helping with inquiries, police told the FT.

At least 10 members of Dynasty Zarooni’s 'investment club', which promised vast profits from preferential access to property deals, have lodged complaints against Mulchandani, an Indian national, his Emirati business partner Hilal Al Zarooni, their joint venture Dynasty Zarooni, and two other employees.

Financial Times