The public prosecutor has brought charges against the former managing director of the real estate company German Property Group. The investigators accuse him of commercial fraud in 27 cases. This is said to have caused damage of more than 56 million euros.
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According to the public prosecutor’s office, the man founded Dolphin Capital GmbH in 2008, which was later renamed German Property Group. The German Property Group and its subsidiaries are said to have promised investors abroad high returns for investments in German real estate. This involved the renovation of listed properties. The company is said to have let the buildings fall into disrepair instead. Many investors never saw their money again.
According to the public prosecutor’s office, the company ran into financial difficulties as early as 2015 and many liabilities could only be paid with new loans. Three years later at the latest, the managing director is said to have realized that the restructuring of the company had failed. Nevertheless, he continued the group of companies and continued to collect money from investors. The debts rose sharply and bankruptcy followed. With the bankruptcy, details of the alleged investor fraud came to light.
The company had been repeatedly investigated in the past on suspicion of money laundering, but the proceedings were ultimately discontinued. After an investigation lasting more than four years, the public prosecutor’s office has now brought charges against the former managing director. It is still unclear whether and when the Hildesheim regional court will allow the charges.
The public prosecutor has brought charges against the former managing director of the real estate company German Property Group. The investigators accuse him of commercial fraud in 27 cases. This is said to have caused damage of more than 56 million euros.
According to the public prosecutor’s office, the man founded Dolphin Capital GmbH in 2008, which was later renamed German Property Group. The German Property Group and its subsidiaries are said to have promised investors abroad high returns for investments in German real estate. This involved the renovation of listed properties. The company is said to have let the buildings fall into disrepair instead. Many investors never saw their money again.
