Sunday, January 29, 2012

Police crack real estate syndicate



Police crack real estate syndicate
Sne Masuku | 29 January, 2012 00:06
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EmailPrintPolice have cracked what is believed to be one of the country's biggest real estate crime syndicates, involving the sheriff of the court's office in KwaZulu-Natal.
A group of sheriffs are alleged to have colluded with an estate agent who bought repossessed houses for "a bargain" at auctions and sold them at highly inflated prices.

Durban South Sheriff Nthiananda Govender and estate agency boss Mohamed Afzal Ebrahim were arrested on Thursday in a joint operation between the police and the Hawks.

More arrests are expected.

Shortly after their arrest, Ebrahim and Govender appeared in the Durban Commercial Crimes Court where they were granted bail of R30000 and R50000, respectively. The men have also been charged with tax evasion.

Sources close to the investigation say Govender allegedly owes the SA Revenue Service R22-million, while Ebrahim is allegedly to have dodged paying more than R13-million in taxes. The probe into the syndicate was commissioned by First National Bank.

One of the investigators, advocate Karl Auret, said the syndicate had targeted all the major banks in the country. Although Auret could not estimate how many properties had been allegedly bought and sold by the syndicate, he said its members would buy a repossessed house valued at R200 000 for R20000.

"This alleged syndicate has been operating for years," he said.

The case was postponed to February 8 for further investigation.

2 comments:

  1. I got a fresh new experience after my first entrance in this resourceful blog world. But I really wondered how sheriffs get involved in such biggest real estate crime syndicates. This was really very sad event surely. Anyway, if some guys here are looking for real estate lawyer or any legal support, attorney.com surely will be a good help in Sacramento area.

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  2. Let me say about the photo you inserted in this post. The photo looks so so funny and fascinating that was able to express what about the content is. It's true that sometime we have to suffer a lot of problem for the real estate crime syndicate and it's very sad to see that a sheriff can involve in such syndicate. Anyway, if some one look for a property management service basically in Bakersfield area, you can check out Utopia Management Bakersfield. Their goal at Utopia is to create and maintain the financial success of your property while freeing you from the day-to-day management tasks. Utopia is known as the Quality Company for the exceptional management they provide. You will find that Utopia is one of the most advanced management companies and their services are consistently updated to meet the changing demands of the real estate market. With an experienced staff, you can enjoy the benefits of being a property owner without having the headaches that sometimes accompany the management of your investment.

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