http://www.gulfnews.com/BUSINESS/General/10240118.html
Dynasty Zarooni gets clean chit
By Saifur Rahman, Business Editor
Published: August 25, 2008, 23:12
Dubai: Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged ‘smear campaign’ to malign its reputation, officials said.
The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged ‘wrongdoing’, Gulf News has learnt.
Two Indian publications ran reports referring to some investors’ complaint that “he [Mulchandani] had misled them by showing a different property and selling them another”.
One of the reports said “Dubai’s Real Estate Regulatory Authority [Rera] is probing Mulchandani’s operations after nearly 30 NRIs from India, Russia and UK complained online”.
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
“Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers,” the company said in an e-mailed statement
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.
Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. “To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly,” the statement said.
Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
“Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008,” Rera said in a letter yesterday, a copy of which was obtained by Gulf News.
Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, “We are pursuing legal action against those who are behind this campaign that is damaging our reputation.
“These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice.” he said.
Dynasty Zarooni - Dubai Success Story! 