Pyamod concerns around investor property
I’ve been reading articles on blogs, forums, websites about the scams and frauds that are hitting Dubai real estate market, specifically on a German Company named Pyamod. Does anyone know if this holds true; if so, what would one do or need to contact to get their investment money back? Has anyone else had this problem?
Here is a post I’ve seen on http://www.propertycommunity.com/forum/dubai-property/11534-refund-deposits.html:
The multi-billion dollar construction craze which has attracted investors from all over the world, has seemingly brought in unsavory types who have been preying on the never-ending appetites of locals and foreigners lining up to invest in the market.
A German company which claimed to have acquired a 2000-apartment plot in the proposed all Dubai’s projects, has reportedly sold off apartments in the plot, with no prospect of them ever being built. The company, Pyamod German Developments, and its Fraud associates, and sales agents, are being investigated by Dubai and Germany authorities.
- German Sports Tower I-German Sports Tower II
- Munich Millennium Office Tower I
- German Supreme Residences I
- German Supreme Residences II
- German Supreme Tower I
- German Supreme Tower II
- German Design Tower I-PYAMOD Paradise
- German Design Villas
- German Skyscraper I
- German Sky Tower I
- German Sapphire TowerDubai authorities are also investigating the mysterious German Towers being constructed at Dubai Sport City, JVS, Slilicon Oasic . As we reported several weeks ago, Roland Paxino & Partners .sold several hundred apartments in the project off-the-plan some years ago, over 10 projects taking payments upfront. had sold the project on the basis that it would have been ready by June 2008. So far, no construction have been started. Roland Paxino left Dubai Dec 2008, and work has stopped.
In recent weeks I’m owner of twenty flats receiving calls and faxes from representatives in Pyamod Developments advising me construction on the project had stopped and would not be resumed. I have been offered their original cost, deducting 9% commission to Real Estate Agents + 3% documentation fee, back. Means 12% less money that I invested 4 years ago, losing more than 7million AED in deposits after Roland Paxino abandoned the scheme and fled the country to Europe “We lost our money, our flat, our future — everything,” with a sales brochure promising prospective buyers that it would “add comfort, security and joy to your life”
We have sighted one of the letters sent which verifies the investors’ claims. Over several hundred by order of Dubai Court in favour of the Case No 361”. Buyers are also considering a criminal action against Roland Paxino for fraud.When we visited the site two weeks ago we found no construction in progress. We contacted the builder on site who confirmed Mr. Roland Paxino sold the site to the newly-formed, UK-based, Properties. A Sales Agent however quotes a company spokesman as saying, ‘We sold the towers on again a week back.’
Having bought their apartments and paid for them almost in full, well before construction started, I am now wondering how ‘my’ apartments could be on-sold, on two separate occasions since.
Several calls to Sport City Properties, the master developer of Dubai sport city, where the project is sited, have not been returned.
Meantime the investigation into the conduct of the former CEO of, Pyamod German Developments , has been widened. According to Dubai’s Attorney General, few persons has been arrested in connection with the investigation.
Two other men have also been detained and questioned, but have since been released.A hastily convened meeting by the authorities, involving Pyamod and Master Developers, resolving the matter. That action averted a class-action lawsuit against Pyamod by at least sixty angry investors, most of whom were from Iran.
It’d be great to hear from the public, please send your comments and suggestions!
Free code editors
*update*
This question comes up many times, do you know of any HTML software or text to HTML software I can download online for free? Well, I usually use Dreamweaver, but since this costs money, I figure I’ll ask this to my web friends. I came up with the best one:
Here are some others:
The crimson editor located here.
and
Actually, I’ve also heard of Coffee Cup but have never used it.
Hope this helps – Happy Coding!
