Police are trying to track down the chief executive of a UAE-based property developer in connection with claims that 3.8 million dollars worth of fake cheques were issued by the company, reports said.
Al Barakah, the group behind the development of the ''tallest tower in Ajman,'' as well as some 15 other several projects in Ajman and Dubai, enticed homebuyers with a guarantee of a 50 per cent profit in six months.
To convince them, the company issued post-dated cheques for that time period, UAE daily The National reported yesterday.
Police told the paper at least 14 million dirhams worth of those cheques have bounced and they have been unable to find the company's chief executive, Imran Khan who has both Pakistani and Canadian citizenship.
The status of the company's developments, which number more than a dozen in Ajman and Dubai, remains unclear.
According to police, four cases have been filed by investors against Mr Khan involving bounced cheques totalling 14 million dirhams and a fifth case is to be added involving cheques to a further nine million dirhams.