Schon Family Defaming Pakistan Across The Globe With The Magnitude of Fraud Unbelievable, Dubai Lagoon & I Suites Victim George Explains SCHON’S Fraud in detail.
Schon group has looted Pakistan in 90’s they are defaulters of National Accountability Bureau (NAB) they moved to Dubai looted people on the name of investment whatever fraud they did was so technical that people never believed that they will be looted.
Schon Family Defaming Pakistan Across The Globe With The Magnitude of Fraud Unbelievable, Dubai Lagoon & I Suites Victim George Tells SCHON Fraud in detail.
Couple of weeks ago in an interview on visit to Dubai George Girgis who’s working as a reputable architect for Dubai’s firm explains how schon group is defaming Pakistan across the globe with the magnitude of fraud unbelievable.
Dubai Land Department (DLD) document shows that George is the owner of the property purchased in Dubai Lagoon. DLD is the government entity which proves investors register all the purchased property. So George has a contract with Schon & he has registered with DLA.
He also paid 328, 905,82 Dirhams he invested in 2016 when the property was on buzz. Advertisment was everywhere in the city such as malls, RTA buses and airports.
Looking at the branding and positioning, no one could doubt they are fraudsters. They promised they will complete Isuites project by end of 2019 and nobody doubted them.
Investors never realized the magnitude of fraud Schon did and suddenly they disappeared from Dubai with all the money paid by investors since 2005 to date.
Also Dubai Land Department escrow accounts had very little money in them( Dubai Law states that payment is released to developer based on the percentage completion of construction).
Schon had multiple bank accounts all over the glove so no one can’t even track their bank accounts,
257 victims got connected to each other through two WhatsApp groups.
Victims estimate number is given is approximately 2000 all over the world and it’s about 40 different nationalities being looted (such as Americans, Jordanians, Kuwaiti, Saudi, British, Canadians, and the list goes on)
Kuwait media also took it seriously. Investors have no clue where to get their money back from; they trust Dubai government would take action against them.
All Schon properties were seized by the UAE government on August 2018.
DLD noted that some of Dubai Lagoon zones will have construction continue while other zones will be liquidated
Court is looking into this case but obviously court takes time for fair trial, some people say if this project is liquidated they are only going to get 10% of the amount paid which is really unfortunate.
“I’m working in Dubai since 2005 we love this city and enjoy the dynamics and challenges here. But it’s really unfortunate that fraudsters like Schon group would come here and do such fraud in amazing place like Dubai. People make money based on hardwork, time and energy. While fraudsters like Schon come and steal their money hard earned money in a seconds. Now what’s next, God knows? Who’s the next victim in another country?
Someone has to take action about it, Where’s Interpol? Where are the international entities as we want our money back!” says, George girgis.
Schon properties was founded incorporated by two brothers:
Nasir SCHON “Citizen of Pakistan” with net worth 1 BN
Tahir SCHON “Citizen of Pakistan” elder brother of Nasir Schon
Dubai Lagoon & I suites: Is one of the top highlights of the real estate frauds occurring throughout the world. In 2005 Dubai lagoon was launched & project attracted more than 2000 investors from across the UAE, UK & Europe. With target deadline for completion of full project by the end of 2008. By the end of the 2008 the target was not achieved with a reason specified as “economic downtown & delayed clearances.”
Starting from 2010 investors niffed with the silence of developer to return their finances back, however the developers were just exaggerating the completion status of the project as if delivery is just pending. During 2012 there was an unsung hero AAMIR AHSAN KHAN” who was assisting the Burea to recover rupees 3 BN from the Schon Group. In 2017 “Schon real estate developer” & “AL HAMAD Group companies” combine to launch a project called “I Suites” worth AED 3.2 BN where investors were guaranted a high average annual return of over 12%, where 1st deliveries were expected by 2019 & full deliveries by 2020.
In 2018 “We want our money back”, Investors have been making the same appeal, but with a sense of hope & confidence. By the beginning of August land plots, property & escrow accounts were seized by Dubai land department & Dubai courts complete legal procedures. However there is no official information on amount of funds lying in the escrow accounts. SCHON is also wanted by National Accountability Bureau (NAB) in Pakistan for loan default & also alleged involvement in a financial scam worth $ 10.1 MN.
There are more then 2000 investors from Europe & UAE, each of them spent AED 250,000-1,000,000 on homes & none of them could get hold of keys to their homes. For more then 13 years investors have been asking questions, like where has the money vanished? Why is this issue not seriously taken by the international governments? Someone has to stop those criminals.