4 years for owners of Aifos

The Aifos owner, Jesús Ruiz Casado could face a prison sentence of four years for failing to return funds paid by buyers for properties on a development in Casares that was never built. Approximately 20 buyers, many of them foreign couples, were never refunded the sums of between 50,000 and 70,000 euros they paid towards properties on the Hacienda Casares development. Aifos is expected to have received more than 1.1 million euros in total. Construction was supposed to start in November 2004 but the development never materialised.

In its conclusions to the investigation the public prosecution department accuses Ruiz Casado, and his wife, Teresa Maldonado, of wrongful appropriation and calls for a four year prison sentence for both of them. The private prosecution accuses the defendants of fraud in addition to wrongful appropriation and asks for sentences of eight years each.

According to the public prosecution the sales contracts specified that deposits paid would be returned with the corresponding interest if the dates for the start and completion of the project were not honoured. If the developers had opened an account for the funds for other things, he would have been able to pay them back” explains the prosecution.

Representing the buyers, the private prosecution claims that the buyers signed their contracts and fulfilled their financial obligations “under clear and evident deceit, as they were led to believe that the development was being built”.

“There wasn’t even planning permission” say the legal representatives of the buyers, stressing that there is evidence of fraud. Both public and private prosecution call for the funds to be returned.

Source: Sur in english print edition 17th to 23rd of June 2011

One Response to “4 years for owners of Aifos”

  1. We purchased a property from Aifos in 2002 off plan we paid £70,000 as part of the contract, we have never received either the property or the money back despite honouring our part of the contract.

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