Police officials in Dubai refused to disclose details on the young Brit of Pakistani origin, Muzhar Akhtar, who has been dubbed the ‘Yoharah’ (Jewel) thief after swindling cash in the multi-million dollar real estate venture that turned sour.
According to Khaleej Times, the reluctance to reveal information on the case was based on police conviction that it could adversely affect the reputation of Dubai as a booming city.
When people in Dubai heard from various sources that he was in police custody, they hurried to Yoharah offices to claim their money, and courts started receiving petitions against the man.
A pan-Arab business magazine, Al Iktissad Wal Aamal, carried a full report on the case in its recent issue, highlighting efforts by the Dubai government to eliminate any hazard to the investment environment in the city.
Through the Yoharah, Maz launched his projects, hoping to benefit from the strong potential of the Dubai real estate market and the flow of cash available there. His ‘phony’ projects were received with open arms in Dubai and other AGCC countries.
