Geneva men jailed for fake property deals

Tuesday, 26 October 2021 04:39

Two businessmen have been sentenced to four years in jail by a Geneva court for selling property that didn’t exist.

The lead judge says the men robbed hundreds of people – some lost their life savings.

One of the biggest frauds involved a development in Onex in canton Geneva. It’s thought the men cashed over CHF 22m between 2010 and 2014.

The court heard the men finalized purchase deals for property even when they hadn’t secured the land themselves and sometimes sold the same batch of new developments more than six times.

In all there are 188 victims. It’s hoped some of their money can be returned to them.

The defendants’ lawyers say they will appeal.

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