Financial Times FT.com

Probe into Dubai $100m fraud allegations

By Simeon Kerr in Dubai

Published: January 11 2009 19:12 | Last updated: January 11 2009 19:12

Police are investigating fraud allegations against the chairman of one of Dubai’s largest private real estate companies as dozens of aggrieved investors claim he defrauded them of more than $100m.

Kabir Mulchandani, the chairman of Dynasty Zarooni, was arrested last week on allegations of fraud and is helping with inquiries, police officers told the Financial Times.

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