Heads of construction company Sveti arrested for fraud

The heads of the construction-developer company Sveti have been arrested today on charges of fraud, misappropriation of funds and abuse of authority, announces the Investigation Service of the Ministry of Finance of Georgia.

We would like to underline that on the basis of an application lodged by the future owners of the construction-developer company Sveti on 29 May 2018 an investigation was initiated into a case of the misappropriation of funds by the abovementioned company, which was paid by citizens to purchase residential apartments”, reads the press release by the Investigation Service

Evidence obtained by the investigative activities confirm that the indictees G.J. and T.J., were intentionally using their official positions to deliberately take possession of large amounts of money belonging to citizens. For this purpose, construction-development company Sveti announced the commencement of large-scale housing construction projects in the beginning of 2016… In order to acquire large amounts of money, active advertising campaigns, including on social networks, were conducted to attract local and foreign residents interested in purchasing a flat”, the press release reads.

The investigation revealed that G.J. and T.J. fraudulently acquired 3,356,385 GEL.

Over 5,000 investigative activities were conducted during the investigation. Among them, more than 2,000 people and the persons involved in the case throughout the country were interviewed.