Moroccan Property Scandal: Over 1,000 Home Buyers Allegedly Swindled in Morocco’s Biggest-Ever Real Estate Fraud

Casablanca - A Trail of Devastated Investors

In a shocking revelation, over 1,000 prospective home buyers in Casablanca, Morocco, have been left in the lurch after discovering that the condo projects, which they were promised, were all part of Morocco’s biggest-ever real estate scam worth over 600 million Dirhams ($65 million).

False Promises of Dream Homes

The false promises of dream homes at discounted prices and elaborate finishings have left a trail of devastated investors. The victims, now standing on barren lands, are demanding answers and their refunds.

“Give us our money back!”

The Man at the Forefront of the Scheme - Mohamed el Ouardi

Mohamed el Ouardi, the head of Bab Darna group, is the man allegedly at the forefront of the elaborate scheme. He reportedly received advances for apartments that were destined to remain only on paper.

One victim, Soufiane, now in his 40s, laments, “The swimming pool would have been just over there.”

The Extent of the Scam

Bab Darna reportedly cashed “advances ranging from 20 percent to the full cost of the apartment” from around 1,000 victims across at least 15 fictitious real estate projects around Casablanca.

Institutions Under Scrutiny

While Morocco grapples with the fallout of this unprecedented real estate scandal, questions are being raised about the alleged complicity and negligence of various Moroccan institutions.

The authorities have been called upon to address the matter in parliament, but Prime Minister Saad Eddine El Othmani asserted no blame on behalf of the government, sparking outrage among the defrauded investors.

El Ouardi has been charged and is awaiting trial in detention. However, the wider issue of potential institutional complicity remains unanswered.

Corruption in Moroccan Real Estate Sector

The Moroccan real estate sector has long been marred by corruption and cronyism. Anti-graft groups warn that it is a “hotbed of corruption, conflicts of interest, and insider trading.” The sector has faced numerous scandals in the past.

With the Bab Darna affair, experts believe change is desperately needed to protect home buyers in the future and increase transparency within the sector.

Government’s Response

Moroccan Minister of Urban Planning and Housing, Nezha Bouchareb, acknowledges the issues and has pledged to strengthen efforts to correct the “dysfunctions and illegal practices” within the sector. However, the decree needed to fully implement the law regulating real estate activities is still pending.

Conclusion

The Bab Darna real estate scandal has not only left over 1,000 home buyers disappointed but has raised questions about the alleged complicity of various Moroccan institutions. The issues of transparency and corruption within the real estate sector in Morocco remain a cause for concern.

“Who protected him?” - Houria, a victim and e-commerce worker.