That seems to be the way things go internationally, there are a lot of scams worldwdie, & the saying "CAVEAT EMPTOR" holds true with every one of them, the buyer has to take all necessary precautions & despite that many times they will still fall victim.
Basically what ARY has done is taken a loan from the people, used the money for 2 years to fund whatever projects they are into, & when they could they are returning the money, infact doing you a service that they have deducted only 10%, had they declared bankruptcy I think people would have barely got 50% of their money back.
Coming from India, the system is such, the buyer & seller agree to a certain price, their respective agents draw up the neccessary court documents, the first step is to go to the land dept & register your sale, personally, carrying with you ID papers & also you are photographed. Till then no sale can take place & then the other formalities take place such as paying the membership tranfer charges for each building.
Such a system is easy, protects all buyers & sellers, & could easily have been implemented in Dubai.
Such are the ironies of life, you slave hard for your whole life, save money & invest it in places you think are safe & secure.
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