CEO of Moroccan Real Estate Firm Arrested for Massive Fraud Scheme

24 November 2019 – bySylvanus@Bladi · 1 min read

As he was about to leave the national territory, Mohamed El Ouardi was arrested and then placed in police custody at the central police station in Casablanca. It was these some 200 real estate buyers he had defrauded who facilitated his arrest.

The some 200 buyers in fact surrounded Mohamed El Ouardi, before calling the police who proceeded to his arrest, reports MFM Radio. They claimed to have been defrauded by the president of the Bab Darna Immobilier group.

He is also accused of unpaid bills with the service providers of his company. After 48 hours in custody, Mohamed El Ouardi was brought before the prosecutor of the King near the court of first instance of Aïn Sebaâ, on Saturday, November 23, 2019.

In total, 200 complaints have been filed against Bab Darna Immobilier. The group owns several projects in Dar Bouazza, Casablanca, Deroua, Mohammedia, Ouarzazate, Agadir, Marrakech and Tamaris.

A few months ago, Bab Darna had launched a large-scale communication campaign featuring TV stars offering three apartments for the price of two. It seems, given these legal problems, that this was just hot air...

Category: Economy

Keywords:

Real estate Casablanca Acquisition Arrest Fraud