A popular real estate company in the city AAD’s accounts have been frozen following a dispute taken to court by a foreign investor who paid over USD 1 M equivalent of Sh 134.4 M for a property that has yet to be delivered.
In the case, the foreign investor, based in the US and his two children have accused Elsaei Waseem Ahmed of AAD Realtors of falsely obtaining money from them when he knew he could not deliver.
Through Lawyer Danstan Omari, the family asked the court to freeze the accounts of Waseem saying they feared that he was process of transferring USD 1,040,00 fraudulently obtained from them under false pretenses and unless the orders are granted his family will suffer irreparable financial loss.
He has failed to fulfill his contractual obligations and engaged in fraudulent misrepresentation making it imperative to secure his proprietary interests before any further dissipation loss.
Justice Njoki Mwangi was temporarily issued orders freezing the accounts of Waseem at Diamond Trust Bank.
“Pending interparties hearing and determination of this application, orders are issued freezing two accounts in the name of Waseem Ahmed’s accounts held at Diamond Trust Bank,” the order reads.
According to court doucments, Waseem is alleged to have approached the foreign investor early 2023 claiming to be a representative of the prestigious real estate development company who were developing the Grand premier Apartment in Lavington.
The said project was expected to be completed by December 2023 and because of the return-on-investment profit he saw he decided to invest in the project.
“Based on the discussions of the offer presented, I consulted my two children and we all agreed that the investment was worth pursuing,” says the investor.
The family collectively transferred the following amounts to Waseem, USD 570,000 for penthouse, USD 80,000 for laundry room, USD 50,000 for unspecified space adjacent to penthouse, USD 100,00 for rooftop open sitting area, USD 100,000 for a VIP restaurant café and USD 140,000 for a mini-mart at the ground floor.
The total amount of USD 1,040,000 was paid directly to Waseem through bank transfer and he has attached the documentation to show that.
However, as at November 2024 the project was yet to be completed with little no progress made since January 2024 and several of the promised spaces have not been constructed.
Despite him hiring a consultant to oversee the project on his behalf, Waseem’s team denied him access to the site thereby further frustrating his efforts to monitor the project.
When he demanded a refund of the money due to delay and breach of contract Waseem allegedly became hostile, unprofessional and dismissive and allegedly said additional funds were needed to complete the project.
“Despite numerous attempts by the plaintiffs to resolve the matter amicably, including repeated requests for refunds and explanations, he has been uncooperative, unprofessional and hostile making it impossible for them to receive any form of compensation or satisfactory answers regarding the status of the investments,” reads court orders
Waseem is also said to have also alleged that had ties with very influential persons in government in an apparent attempt to intimidate the family and avoid accountability.
