Agent in Dubai swindles millions, disappears

It was informed that the man's name had been sent to Interpol to hunt him down.

The Dubai Police issued an arrest warrant on Thursday against a British man, who owned Dubai-based property agency S&K Estate Agents, better known as Smith & Ken, for embezzling millions of dirhams and failing to pay the company's nearly 80 employees for three months.
Eighty employees were hired by the agency which was registered with Dubai's Real Estate Regulatory Agency as a brokerage. The employees lodged a complaint against the owner who disappeared without paying them their salaries.
According to the police, the employees as usual went to their office in the Tecom area in Dubai one morning and were surprised to find that the company was locked. The employees broke the glass facade of the office and informed the police.
The police informed the staff that the owner who had absconded had been involved in a similar fraud earlier when he had shut down his old company and opened a new one. The police are now investigating the number of cases registered against him and the amount of money he has disappeared with. It was informed that the man's name had been sent to Interpol to hunt him down. The police have urged people who deal with real estate companies to do a background search on the company and to check with the land and property department to make sure the company is not spurious. They have also been urged to make sure they are fully aware of the property they plan to purchase.
The source said that Smith & Ken had made false claims that their business was affected due to a decline in the local real estate market.
On other hand, the Real Estate Regulation Authority in coordination with the Department of Economic Development had canceled the company's licence and closed the office last month.
amira@khaleejtimes.com (@KTUAEReporters)

• Dubai