A man who sold his friend’s Mercedes S500 using forged documents will spend a year in prison.
In January 2016, the 26-year-old victim, an Emirati military officer, told prosecutors at Dubai Criminal Court that he let his friend borrow his car while he underwent eight months of military training. Upon his return in September, he found that his friend had sold his car using forged documents.
"It's a 2015 Mercedes S500 which I bought for Dh700,000, and my friend sold it to a showroom which then sold it to a customer," said the officer, who reported the incident to police.
A Syrian car trader, 41, said the Emirati defendant visited his showroom in Bur Dubai and offered the vehicle for sale.
Read more: Man sells friend's Mercedes using fake documents, Dubai court hears
"I paid him Dh430,000 but only after he provided me with an ownership document indicating that the ownership of the vehicle had been transferred from the owner to him," said the trader. The car was then resold.
According to investigations, the 33-year-old defendant asked two men, an Iranian and a man from the Comoros Islands, to forge an car ownership document for him.
The Emirati defendant was charged with embezzling the car, aiding and abetting his two accomplices to commit forgery and using of forged documents. He denied all the charges in court.
The other two defendants denied charges of forgery, use of forged documents and aiding and abetting the Emirati accused to embezzle the car.
All three defendants were convicted by Dubai Criminal Court and sentenced to a year in jail. The expatriate defendants will be deported upon serving their prison terms.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
