Ismagil Shangareev is a native of Kazan who currently resides in Russia and is responsible for operating a fraudulent operation in the United Arab Emirates through Dan Real Estate LLC.
He claimed to be selling real estate investments in the city of Ajman, which is located in the United Arab Emirates, by using this dodgy firm.
According to estimates provided by the authorities, Ismagil defrauded hundreds of Russian citizens using Dan Real Estate LLC.
The plan was straightforward. His plan called for adverts for the sale of real estate investments to be placed in hotels where visitors were staying while they were in the UAE. These commercials would make bold assertions about the riches and interest they promised.
Ismagil Shangareev would then invite the victims to the office of Dan Real Estate LLC, which is located in Ajman, when they responded to the advertisement.
Here is where he would wow the crowd by displaying photos of famous people, including actors, politicians, and spiritual leaders. After that, he would demonstrate his credibility by producing a number of papers and contracts to support his claims.
Ismagil Shangareev utilized this strategy in order to demonstrate to others that he was a trustworthy and well-respected businessman.
At other instances, he would invite his victims to dine at his restaurant in the UAE, which was called “Kazan.” He would go as far as inviting the person to his home and introducing them to his family if he thought there was even the slightest possibility of suspicion.
After further investigation, the authorities uncovered the fact that numerous members of Ismagil’s family were also complicit in the scheme. In point of fact, Ismagil’s son was the one in charge of Dan Real Estate in Russia.
Ismagil Shangareev Made $15 Million Through The Scam:
The investigations found that Ismagil had made $15 million off of this illegal plan since it was first implemented in 2013. Although he has provided partial reimbursements to a few of his victims, the vast majority of them have not gotten anything in return.
Ismagil Shangareev extracted an average payment of $130,000 from each of his victims.
Ismagil has socialized with a wide variety of well-known Russians, from music stars to political figures to religious authorities. He was able to portray himself as a trustworthy and religious individual by using images in which he was pictured beside some of those individuals.
He deceived Muslims without any reluctance at all, and some of the people he tricked were even his own countrymen.
According to the findings of the investigation, Dan Real Estate has broken various laws in the UAE. As a result, the customers of Ismagil Shangareev were eligible for complete refunds, in addition to other forms of compensation and payment for the attorney’s expenses.
It also means that the authorities have the ability to seize all of the assets that are held by the Shangarev family.
Ismail Shangareev’s name has been in the news recently due to his involvement in a real estate scam in the United Arab Emirates that involved $15 million. This instance illustrates the significance of conducting thorough research before making any financial decisions and the perils of falling victim to investment scams.
According to the allegations, Shangareev, a Russian national, pretended to be a real estate developer and assured investors that they would receive substantial returns on their investments. He was successful in luring more than a hundred investors to put money into his project, which was intended to be a high-end hotel and residential community in Dubai. Shangareev, on the other hand, vanished without a trace after amassing a fortune from several investors.
The con artists got away with their fraud, leaving their victims with nothing and making it difficult for them to get their money back. Many investors were forced to start over financially after losing their whole life savings, while others were saddled with enormous debts. The issue has incited anger and dissatisfaction among a large number of people, leading many of them to urge for increased control of the real estate industry in the UAE.
Many investors are drawn to the United Arab Emirates (UAE) due to the country’s stable economy, friendly business environment, and competitive property prices. As a result, the UAE has become a popular location for real estate investment. Nevertheless, the situation with Ismagil Shangareev brings to light the dangers associated with investing in real estate, particularly in a sector of the market that is not well-regulated.
The fraudulent activity surrounding investments is a major issue that affects millions of people all over the world. Con artists like Shangareev prey on naive investors by making false promises of big returns on their investments and then not following through with those promises. Because these cons frequently entail convoluted financial structures and intricate marketing strategies, it can be difficult for investors to spot them.
Before putting their money into any opportunity, investors should always ensure they have done their research to eliminate any possibility of being a victim of an investment scam. This includes conducting research into the history of the company and its key leaders, confirming their credentials and track record, and looking for any warning indicators or red flags that might be present.
Investors should avoid any investment opportunity that promises great returns with low or even no risk on their part. Every single investment comes with some level of risk, and people who invest their money should be prepared to lose some or all of it. If a possibility looks like it’s too good to be true, there’s a good chance that it is.
Conclusion
Considering how lucrative real estate investments may be, there are unfortunately a lot of con artists working in the market. When dealing with anyone who claims to offer profitable real estate investments, you need to use an excessive amount of caution.
For instance, Aamir Waheed Orlando, Florida, is a con artist who defrauded people in the United States out of millions of dollars through his real estate scheme. Nick Carlile, a second con artist in the real estate industry, used to promote hotel investments in the United Kingdom.
Ismagil Shangareev is obviously a self-centered con artist who you should do everything in your power to stay away from.
