DUBAI, United Arab Emirates--(BUSINESS WIRE)--A major real estate scandal is unfolding in Dubai as 500 angry unit buyers and investors in the $630 million Ebony Ivory Towers project demand a full government investigation of developer Al Fajer Properties and its agent Dynasty Zarooni Inc., according to Ebony Ivory Investors Group." Misleading advertisements and press releases, overselling of non existing space and the missing down payments are among the buyers' documented complaints, according to Moses Oye, a British investor and spokesperson for the Al Fajer Properties Investors Group having investors from US, UK, Russia, Iran, India, Canada & Pakistan. "We are calling on Dubai's Real Estate Regulatory Authority (RERA) and the Dubai Ruler's Court to investigate the developer, cancel the Ebony Ivory project and compel a refund of our $140 million in down payments," said Oye. Oye cited a series of fake construction photographs that ran in a local newspaper in July 2008 with Al Fajer Properties logo. The photos showed a structure rising six floors above ground with the following caption: "Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers." In reality, the photos were taken at another Al Fajer site and currently there is only a hole in the ground at the Ebony Ivory project, according to Oye. "Had we known that Al Fajer Properties was presenting false and misleading photographs, we would never have invested in the development," he said. "In fact, some investors have already filed criminal cases for misrepresentation with the Dubai Public Prosecutor."
