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MOCI receiving complaints from citizens regarding fraud brokers
June 26, 2016, 8:54 am
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Ministry of Commerce and Industry has received several complaints from citizens via phone calls concerning brokers who pretend to be owners of real-estate agencies and collect down payment or full amounts after which they disappear without handing over the purchased real-estate or returning the down payment.

A Kuwaiti citizen, who revealed that he is a victim of such a swindling operation, explained that many brokers advertise in newspapers about real-estate projects inside and outside Kuwait. They use various methods of deception for selling properties, apartments, villas or chalets that may not even exist in realty. One of the methods used by the brokers is the claim that the paperwork of the land property is still under process to give a false impression to the buyer and make the latter pay the money.

However, it is after the money is paid that the buyer discovered the property or paperwork never existed. The ministry has discovered cases wherein large amounts have been deposited in company accounts as short sale, which puts the clients in serious problems.

Source: Arab Times

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