Real Estate Scam in Morocco Targets Expatriates, Defrauds Millions

The victims of this real estate scam are MREs and Moroccans residing in the kingdom who wanted to acquire an apartment or commercial premises in the project launched in the commune of Selouane, reports Assabah. In total, 60 million dirhams were spent by the MREs. The developer would have started the procedure for selling the apartments and commercial premises. The only problem: he had not yet regularized the land situation or completed all the administrative formalities related to the project.

Informed, the creditors, in particular the Al Omrane Group, seized the justice to obtain judgments allowing them to carry out protective and executive seizures on the developer’s property. The seizures are estimated at 10.2 million dirhams and concern the real estate that was not yet regularized, but sold on paper to MREs. They are organizing protest movements in the city and staging a sit-in in front of the MRE’s house in Nador to obtain justice.

In the wake of this, the main accused was arrested. He is being prosecuted for fraud and breach of trust by the investigating judge at the court of first instance in Nador.