UAE Bank Interpol Red Notice DELETED

Bank's Interpol Red Notice serves as warning to foreign property investors:

In 2008, an investor accepted a mortgage offer of AED 2m from Abu Dhabi Commercial Bank (ADCB) for a property in development by UAE government owned entity Nakheel (colloquially referred to as 'NakHELL'). He continued to service his mortgage for several years.

When the world economic crisis hit, development of the estate was cancelled by Nakheel and the customer discovered that ADCB had financed the development themselves. They refused to refund the payments he had already made and instead forced him to buy a different, more expensive property which required him to pay significant and unexpected extra fees on top. The customer moved abroad in 2012 but continued servicing the (now larger) mortgage. He tried to settle the mortgage in its entirety which would have only been 350,000 AED at the time, but the developer refused.