The names of Tara Reid and a famous Bollywood actress called Minissha Lamba were used in a property scam in the UAE, which pilfered investors of about $2.5 million dollars, the Times of India reports.
Four men from India supposedly told investors from the UAE that Reid and Lamba were interested in buying property in a development called Santorini – a “Greek-style cluster of apartments, villas and hotels” on an island called Al Marjan, off the coast of Dubai.
The investors were pitched in 2008 at a “glitzy launch party attended by the media,” Gulf News reported, where they were told that “Lamba was hunting for a property on the development and ‘finalising something very soon’, while Reid was not far behind.”
That lie, along with glossy promotional materials and other professed business ties convinced the investors they were getting in on a great deal.
The development was supposed to be finished by the end of this year, but as it stands, the “development remains nothing more than 463,321 square feet of barren desert,” according to Gulf News.
Investors realised something was wrong in February last year, when construction still hadn’t started. They quickly learned they didn’t even own the plots of land on which they had been making payments.
They sued, and now three of the four developers have been convicted and sentenced to jail for three years.
Business Insider Emails & Alerts
Site highlights each day to your inbox.