Major Moroccan Bank Files Complaint in Casablanca Real Estate Fraud Case

This complaint has led to the opening of an investigation entrusted to the elements of the National Brigade of Judicial Police (BNPJ). They will interview the stakeholders in this unfinished project, launched 15 years ago and left incomplete, as well as several real estate developers and business leaders who collaborated with the company in question, according to Hespress. The investigators are also seeking to verify the services actually rendered by these parties, to detect any unjustified accounting discrepancies between the amounts received and the services delivered, and to establish whether these sums were indeed used for the real estate project. Accountants and other parties involved in the project management are also among the people to be interviewed.

This case had erupted in 2011. At the time, buyers had claimed to have paid advances, but the development company did not fulfill its contractual obligations. They had then taken legal action for fraud and non-execution of contract. However, certain interventions had hindered the proper conduct of legal proceedings. Negotiations then began with the bank to obtain a new loan, intended to restart the work and deliver the apartments to their owners. After that, nothing more. The work is practically at a standstill.

Previously, the banking group had introduced before the commercial court of Casablanca, two auction procedures concerning two villas seized as part of this credit.