Moroccan Real Estate Scandal: Bab Darna Group Accused of $40 Million Fraud

The amount, according to Hespress, could evolve and exceed 500 million dirhams. The Moroccans residing abroad (MREs), victims of this vast scam, are rushing to the doors of Moroccan embassies and consulates in Europe and the United States to register. Among the plaintiffs are also senior civil servants, private companies as well as investors and managers of small businesses.

Mohamed El Ouardi, the executive director of the Bab Darna group, managed to lure them by making them dream of participating in real estate fairs for Moroccan immigrants in Europe, the purchase of apartments at prices defying all competition, informs the same source.

Bab Darna has set up a real scam network, which over the past four years has enriched itself at the expense of the victims. Non-existent apartments sold, advances collected without any property contract established.

The preliminary investigation revealed that El Ouardi owned four companies and groups based in Casablanca, including the "Capital Invest" group, which has a capital of 7.1 million dirhams, adds the same source.