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home     Real Estate     Property scam affects Russian investors in the town of Sandanski
Property scam affects Russian investors in the town of Sandanski
from 06.04.2010 17:06       Author - Tourist Media
Russian investors reported a property scam involving the purchase of expensive apartments in the Bulgarian town of Sandanski, Darik Radio reported.

Two years ago, they purchased apartments in the residential building part of Mall Sandanski. Each of the investors paid an average of 50 000 euro. Yet, the apartments were already mortgaged by a bank in the resort town.

Ivan Kovachev, one of the most famous Sandanski real estate entrepreneurs is among the entities involved in the deception.

The investors who became victims of the scheme are hoping for support from the Russian ambassador in Bulgaria.

Kovachev mortgaged 11 apartments. The bank has already offered these for public sale, announcing a price of 3.865 million leva.

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Property scam affects Russian investors in the town of Sandanski Bulgaria's Sandanski, Photo: bulgariainside.eu
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