Indian Held In Dubai For $100-Million Fraud

Indian Held In Dubai For $100-million Fraud 13 Jan 2009, 0410 hrs IST, TIMES NEWS NETWORK & AGENCIES MUMBAI: Kabir Mulchandani who in the late '90s revolutionised the consumer electronics marketing by his innovative ideas has been arrested in Dubai in connection with a multi-crore real estate fraud. A senior official who is part of the investigation told TOI over phone that Mulchandani was in jail. "I am not supposed to reveal the details. I can only confirm that Mulchandani is in jail," he said. Kabir's mother was not reachable. Scores of investors have been allegedly defrauded of over $100 million by Mulchandani, chairman of ‘Dynasty Zarooni'. At least 10 members of an ‘investment club', which last year promised huge profits from the company's preferential access to real estate deals, have lodged complaints against Mulchandani, his Emirati business partner, Hilal Al Zarooni, their joint venture ‘Dynasty Zarooni', and two other employees.

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