Finance Ministry Investigative Service arrests one, charges two for fraudulent acquisition of real estate in Tbilisi

The Investigation Service of Georgia’s Finance Ministry on Friday said it  had arrested one person for fraudulent acquisition of property, with two others charged in absentia for production and use of forged official papers and documents confirming their ownership.

The Service said its investigation had found the offenders illegally acquired two commercial premises and three residential flats in Georgia’s capital Tbilisi worth ₾1,480,000 ($523,893) and belonging to foreign citizens.

The group attempted to carry out the scheme by using false agreements on powers of attorney and fraudulent purchase agreements, it added, noting the alleged offenders had also attempted to illegally obtain two commercial spaces worth ₾245,000 ($86,725) in the same manner.

The Service said investigative efforts were ongoing to identify other individuals involved in the offence.

The crime is punishable by imprisonment between seven and 10 years.