One of the world’s hottest real estate markets is now becoming a hotbed for online real estate fraud schemes.
Gulf News reports that the police department in Abu Dhabi, the capital of the United Arab Emirates, has issued a warning about a resurgence in fraudulent advertisements on social media promising properties being offered at discounted prices. These advertisements seek deposits for home purchases or initial rent payments, but the properties do not exist and the fraudsters’ victims inevitably lose their money to the fraudsters.
The Abu Dhabi Police also stated some real estate fraudsters hire “representatives” or “agents” under false pretenses, using their personal information including bank account details to facilitate fraudulent transactions. Once the victims’ money is secured, the so-called agents are instructed to withdraw the funds and channel them to unknown individuals or through unlicensed money exchange outlets.
The police advised anyone responding to online advertisements regarding Abu Dhabi real estate to verify property ownership through official channels and to avoid making any payments without seeing the property and completing legal documentation.
