Publication Date:
Thu, 2010-07-15 02:19
The Asir governorate’s committee that deals with financial fraud said two deluxe villas in Al-Shati district in Jeddah were sold for SR4 million, while a villa at Al-Zahra district in Jeddah attracted a final bid of SR3.4 million and a villa in Al-Sharaya district of Makkah went for SR600,000.
Dar Al-Tathmeen Company for Real Estate Development organized the auction and invited more than 1,500 realtors to attend.
The committee said this was the second phase of the process to pay back investors swindled by Al-Farhan.
It added that another auction would be held in Riyadh to sell the rest of his properties.
Al-Farhan swindled millions out of his victims by promising to invest their money in bogus projects.
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