This case goes back to 2005 and is considered to be the major fraud in the contemporary history of Ukraine on the real estate market. The fraud scheme included fake construction companies, selling out the same future apartment for several times to different people and even financing from the financial institutions. There are approximately 1700 victims of the crime whose damages amount to multimillion sum in total.
One of the founders of the above company was sentenced to eight years of imprisonment with confiscation of his property in March 2009. Another individual involved is currently put on the wanted list.
The criminal charges against the organizer of the fraud relate to fraud (Article 190 of the Criminal Code of Ukraine), misuse of the powers (Article 364 of the Criminal Code of Ukraine); and legalization (money laundering) of the funds obtained by means of crime (Article 209 of the Criminal Code of Ukraine). On January 17, 2012 Kyiv Appellate Court confirmed the decision of Pecherskyy District Court to refer the criminal case against the organizer for further investigation.
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