April 1- German authorities are looking for German national Georg Recker for a multi-million Euro fraud in connection with a hotel project in Dubai that was never built. Recker’s arrest warrant was issued in November last year by a court in Dortmund, Germany. Recker himself is said to be hiding in Dubai.
According to the details, investors have provided funds worth Dh123.7 million for the project titled Dubai 1000 Hotel Fonds, a four-star, 1050-room hotel in Dubailand, supposedly one of the largest hotels in the Middle East. The project was due to be completed by 2007. Recker requested a minimum investment of €10,000 from 900 investors in a bid to raise €142 million for the project.
Five years later, however, the project has yet to see the light of the day. Recker still claims that the work on the project is on-going and the delay is because of the lack of infrastructure and facilities in Dubailand. He said the project will reach completion in the next two to three years. Thus, 70 investors are taking legal action against Recker and are being represented by a law firm based in Hamburg.
