Having a home is an essential human requirement; almost all humans intend to have a home. Real estate in morocco has now turned into milking its clients. This urge has led many into trouble as professional conmen take advantage of these intentions from various individuals to loot money from them, without them realizing till the whole process is over, after which they wake to an unbelievable truth. It follows protests and low self-esteem from the victims.
Homebuyers in Morocco not being an exemption to this experienced. The potential of corruption in a fictitious project by Bab Darna in the real estate group in Casablanca. It has left behind more than 1000 victims and about $65 million into the unintended pockets. Here are the factors affecting the project.
Real Estate legal documents
El Ajouti says Legal Documents such as title deeds are basic requirements from the initial to the final stages of any business activity. More so, the papers involving money transactions were lacking the contract investors’ sign. However, this did not limit Bab Darna exhibiting fanfare at real estate shows in Casablanca, Brussels, and Paris. Besides, Houria wonders whether the authorities were aware of el Ouradi activities. The success is due to the negligence as well as the cooperation of the involved institutions in morocco. The head of the real estate group received advances for the apartments, but the alleged plans were insignificant.
In a country where the political system is monarchical, a high probability of corruption and oppression of the minority is common. For decades, it has led to political waves of varying intensity. Furthermore, Prime Minister Saad eddine El Othmani, clarifies that the government was not to blame. Infuriating anger among swindled investors who appealed to the head of state King Mohammed VI.The person suspected to be the mastermind has been charged and awaiting trial.
Mourad el Ajouti said, the amount in question is stolen by cashing, advanced payments extending from 20% to the full cost of the apartments. Bab Darna received early payments from more than 1000 investors, investing about 15 fictitious real – estate plans in and around Casablanca over ten years
Around November, Cheques for his customers bounced, and they became furious. They, therefore, went to his house and escorted him to the police station. El Ouardi is being held in police custody, waiting for trials together with six other associates who included finance manager and sales agents.
Trial for scam
Though the trial date is unknown. The accused faces a period of ten to twenty years in imprisonment for involvement in a deception. The frauded persons are from Morocco’s diaspora, who invest in property in their country.
Youssef living in Japan claims things that made him run away from Morocco have entrapped him while in Japan, which includes nepotism and corruption. According to El Ajouti, the scandal was a result of the shared failure of various institutes. Authorities with the organizing ministry, town council as well as municipal agency take the blame. He went further and criticized real estates, which should have inspected the reliability of exhibitors.
Real Estate the Centre of corruption
Ahmed Bernoussi said that the real estate sector is a center of crime. Overlapping welfares and insider trading between landowners, local authorities as well as municipal agencies.
An architect confirmed agents’ partners with elected officials, who might become real estate designers themselves.
The vice president of Morocco’s federation, Anis Benjelloun, said that the Bab Darna affair has encountered a blow to the reliability of the sector.
Nazha Bouchareb, Morocco’s minister of urban planning and housing, concedes dysfunctions and prohibited practices and supports firming up of efforts to correct them.
Significant delays in the construction of flats in the nation are caused by scandals that arise from sales of paper plans and brochures that do not match.
An amended law regulates the urban planning and housing sector, but there is still a decree that is needed to be executed.
The above factors have favored a loss of USD65 million in a real estate swindle facing homebuyers and investors.
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