Reliance projects in Jumeirah Village South

[Ram]

If you are in Dubai, Emirates Islamic bank will give an official Bank Certificate for payments made to Escrow account, otherwise they can send you scan copy by e-mail.

Take this Bank Certificate and obtain from Dubai Land Department official notice that Reliance Projects cancelled to withdraw you money from Escrow account.

[Polycarp Ambe-Niba]

Hello,
I also wrote to the Emirates Islamic Bank yesterday asking for a statement of my payments in the escrow account. I have not yet heard from them. Please kindly send me the name of the authorized bank official and email address so that I may reiterate my request, just in case I wrote to the wrong person.

[shabnam]

Originally Posted by Ramazanov

If you are in Dubai, Emirates Islamic bank will give an official Bank Certificate for payments made to Escrow account, otherwise they can send you scan copy by e-mail.

Take this Bank Certificate and obtain from Dubai Land Department official notice that Reliance Projects cancelled to withdraw you money from Escrow account.

Please send me Land Department official notice that Reliance Projects cancelled at my e-mail: rauf9ramaz@yahoo.com

Regards
Rauf Ramazanov

****Dear Investors****

Somthing is very clear here, among us whoever made a payment directly through escrow account holding with emirates islamic bank since apr/2008 ,his money is safe with the bank,but THE BAD NEWS IS more than 90% of investors paid directly to developer or their brokers and non of those money are existed now except in the possession of developer ( farhang rahavi and elham thabeti)and unfortunately they are having so much fun right now back in u.s.a with our money.
i was conntacted by one of the investors called mr,Imran and he and his partners paid 3.5m dhr to buy the full floor with reliance and according to his investigation from bank this week there is zero balance in escrow under his name. thats very devastating !

Another thing i need to mention is ,according to my investigation since 2009 ,out of hundreds milions of dhr developer received from these projects he paid only148ml to nakheel ( master developer) to buy those 17 plots (lands) but none of them all fully paid and he paid some percentage of each plot to be able to sell hundreds of off plan units to investors . and all those land apparently are repossessed by nakheel now . there is just almost 19 ml dhr existed in escrow account for 17 projects and this is the money which has been paid only by those lucky investors who paid dirrectly through escrow and is nothing incompare to the whole amount he received for all these projects!!!!

Noting that he was killing him self through his lawyers in dubai since end of 2008 to release that 19ml dhr from escrow too and tried to use his local wife as a connection with authorities for taking this money also for the excuse of commencment of construction but fortunately he couldt succeed.

he also published a fake letter to some investors in dubai in jun2009( i have a copy) , about the commencement of constructions of some of reliance projects to fool clients and taking some chance to run away. i am telling you ,this guy is full of sh** .

[Ram]

In your e-mail you have to state Escrow account number and Reliance project number.

I have sent first e-mail to : info@emiratesislamicbank.ae

Then received reply from MILO LACSA DISCAYA milod@emiratesbank.com
MILO LACSA DISCAYA
Emirates Islamic Bank
IBRTB - Escrow Account Dept.
P.O. Box 6564 , Dubai , UAE
Tel. No. 00971 4 7015203
Fax No. 00971 4 2329575
Mob. No. 00971 50 4785364


I have send all scan payments to him and large files to Amin Hattab/ Senior
Relationshap Manager at Aminh@emiratesislamicbank.ae
Attachments with large file please send it to Aminh@emiratesislamicbank.ae

[shahr]

i want to ask your opinion obout another treath, in property communitty, "today's postroject cancelation/hold.
there is a sugession for investors like us on page 7 , by mprez at 27-07-2010
chaning the unstuctured projects with completed ones
please read the following passages by mprez on this page:

************************************************** *********************
I was going through the list of cancelled and on hold properties. Its frightening to see how investors have funded these developments and after years have passed no one could still benefit from them.
I found an interesting news update which will help all investors to get out of their undeveloped invetsments.

Have a look at the following:

Smith and Ken launches Real Estate Recovery Scheme | Smith and Ken Real Estate | AMEinfo.com

i think its a great initiative by the agency. The agency is reliable since I have personally dealt with them in the past. the information provides that investors can swap their properties with completed ones and they even benefit from getting their lost funds back.

It is a very sensible way out especially where investors can not afford to lose anymore of their life savings. They can actually invest in something real now!
************************************************** ***********

[Polycarp Ambe-Niba]

Dear All,
I received an email from this company regarding the recovery scheme and they called me to ask for more details about the offplan development I was involved in. After answering a few questions, the line went off in the middle of the call and they did not get back. I was hoping they would follow up the call but nothing transpired of the call. This raises a few question marks:
1. Are they really interested in pursuing our recovery efforts vis-a-vis Reliance, where there are serious fraud allegations needed investigations at both national and transnational level that could invariably need the intervention of Interpol?
2. Would they be willing and able to take on a big class action by all of us victims of the alleged Reliance fraud?
3. Does anyone have more detailed information on how they proceed with recoveries and swaps? I ask this question because if the money we paid to Reliance cannot be traced in Dubai banks, how do they justify and pay for the swap with developers that have spent their money or their investors' money to build the properties now ready for the swap?
4. Furthermore, any swap involves the offplan investors like us, Reliance and perhaps an official regulatory UAE authority like RERA, that oversees and approves such complex transactions. Will the Smith and Ken Real Estate Recovery Scheme work with all the four parties, ie the investors like us, Reliance, the developers looking for buyers or swappers for their completed properties and RERA? To these four, we have to add the Dubai law courts before whom such deals have to be signed and notarized.

[AHG]

Hello every body.

I also did the same as all of you and have fallen into these developers' net but by open eyes! We are 2 persons and have purchased 2 units in Reliance1 with no money in escrew account at all. All the payment we did directly to the developer's account. But now we covered the same way as Mrs. Shabnam requested. We have opened 2 criminal cases against these two frauds in Dubai Public Prosecution last week and hope this will help all of us.

Who knows, perhaps we can take back our money one time in the future! I also recommend all the investors to do the same.

Class action canbe more helpful as "Two heads are better than one" and "A bird in the hand is worth two in the bush".

With Special thanks to Mrs. Shabnam.
Hope good results ASAP.

Good luck
(Farah) for AH. G

[TheWanderer]

Hi Everyone,

Can someone explain how we are going to get money back if most people did not pay into the Escrow account and there is very little in the account anyway?

This guy is in the US and has almost all the money, how can we possibly get our money back??

Is involving lawyers just a case of throwing good money after bad? Or does someone know something that I can not see?

I still feel we need a co-ordinated voice to push things forward.

Best regards and good luck everyone,

Gary Haslam.

[Ram]

You can use this link to open criminal report against former owner of Reliance
FILING OF CRIMINAL REPORT
Dubai Public Prosecution
الاسم : فرانك رافي ايزانادي Name: Farhang Rahavi Ezabadi ; Party Number: 536652.
Nationality:American; Sex: Male; DOB: 11-Aug-1965; Age:45; Passport No.US 7114669581
Profession: Former Owner of Reliance Estate Development
He closed office and took all investors money for construction of 17 Reliance Projects at Jumeirah Village.

[Polycarp Ambe-Niba]

Dear All,
I am most grateful for the format sent by Ramazanov for opening a case against the Reliance developer. It is straightforward. Do you have to be present in Dubai to open the case or it can be done by local lawyers, eg Horizon, if I give them a POA to do it on my behalf. I ask because I will not be able to travel to Dubai before late September, but would very much like to open the case as soon as possible.