Moroccan Real Estate Tycoon Sentenced to 15 Years in $40 Million Fraud Case

El Ouardi was found guilty of participating in the falsification of official documents, fraud and issuing checks without provision. The group sold "fictitious" real estate projects to clients who were defrauded for sums amounting to more than 400 million dirhams. The victims have been calling for justice since the beginning of the case and demonstrated again in June 2022 to demand an acceleration of the judicial process.

Their call for help has finally been heard with the conviction of El Ouardi and other company officials, with sentences ranging from 2 to 12 years in prison. This case highlights the serious consequences of real estate fraud and reminds us that extreme caution is required in any real estate transaction. The victims of Bab Darna, especially the MREs, can now hope to obtain justice and some form of compensation for the damage suffered.

Other convictions were handed down in this case. These include the general manager, O.E.B., the commercial director, H.E.B., the administrative and financial director, A.A, the technical director, F.O., the accountant, M.T., and a notary, M.M., who received 12 years.