DUBAI, UAE - In a property scam of 9.3 million dirhams, four Indians allegedly used the names of Bollywood actress Manisha Lamba and Hollywood star Tara Reid to cheat the twelve investors, including Emirati businessman Ahmad Al Falasi.
Stallion Properties owner Ankur Mehta, along with partners Sosheeta Phillip Desay, Sanjay Jayantilal Mehta and Naresh Mehta, designed shiny material promoting the 560-unit development.
Three of the men behind Stallion Properties - Sanjay Jayantilal Mehta, Naresh Mehta and Ankur Mehta - have been convicted and sentenced to jail for three years by the RAK criminal court for seizing money from investors by trickery.
Dubai's Al Falasi told he was persuaded by the legitimate-sounding lies told by the men behind the Santorini Development, a Greek-style cluster of apartments, villas and hotels on man-made Al Marjan Island off Ras Al Khaimah.
Suspicion set in for some investors around February last year when the building had yet to start. They learnt that the development was built on broken promises and they didn't even own the plots of land for which they were making progress payments.