Money made with "junk real estate": indictment
They allegedly collected too much money for substandard properties: The Berlin public prosecutor's office has brought charges against four real estate salesmen. The men, aged 43, 45, 55 and 78, are said to have made a total of 1.5 million euros through excessive commissions and purchase prices, as the Berlin public prosecutor's office announced on Monday. On average, the prices quoted by the defendants exceeded the actual market value by 450 percent. They are charged with 14 counts of commercial and gang fraud.
According to the authorities, the 45-year-old and the 78-year-old sold these "junk properties" between April 2015 and January 2017. The 43-year-old acted as a credit broker who determined the market value of the properties after viewings that probably never took place. A bank that used the exaggerated value of the properties as a basis for loans also suffered damage.
"However, the four defendants are said to have made high profits due to the inflated purchase prices: in the case of the property sellers through the purchase prices directly, in the case of the credit broker through increased commissions," the public prosecutor's office continued.
The indictment highlights the men's involvement in a crime, as they are accused of making excessive profits through fraudulent real estate sales. The justice system aims to deliver justice by addressing these allegations of commercial and gang fraud.
Source: www.dpa.com
