One arrested for fraudulent misappropriation of $707,449 from foreign citizen

The Investigation Service of the Ministry of Finance of Georgia arrested an individual for fraudulent misappropriation of funds from a foreign investor, the state body announced on Thursday.

The Service said its investigation found the offender, who worked as the head of a real estate company, had made an agreement with a foreign investor interested in starting a business in Georgia, pledging assistance in obtaining construction permits and preparing necessary documents for the latter.

Following the agreement, the arrested individual prepared forged architectural and engineering communications projects and geological conclusions with the help of other persons and fraudulently misappropriated $707,449 from the customer.

The state body also said it was continuing the investigation to identify further individuals involved in the criminal scheme.

The crime is punishable by between six and nine years in prison.