Kyiv Cooperative Chairman Charged with Fraud Over Double-Sold Apartment

Fraud Uncovered in Kyiv Service Cooperative

According to Прокуратура Київ: The chairman of a Kyiv service cooperative has been formally charged with fraud. According to the Shevchenkivskyi District Prosecutor's Office in Kyiv, the suspect illegally obtained 375,000 hryvnias from an investor by selling the same investment property to a second buyer. The apartment building in question, located on Mahistralna Street, remains unoccupied due to a lack of the required permits.

Case Details

Investigators state the cooperative chairman signed two separate equity participation agreements for the same apartment. One of the investors who entered an agreement was later expelled from the cooperative for unpaid utility bills, and the funds they paid were never returned. A private notary who illegally registered ownership of the property has also been charged, as their actions violated the law.

The chairman's actions are classified under Part 4 of Article 190 of Ukraine's Criminal Code, covering large-scale fraud committed under martial law. The indictment against the notary is already before the court. The Shevchenkivskyi District Prosecutor's Office of Kyiv oversaw the procedural aspects of the case.

This case highlights persistent vulnerabilities in Ukraine's real estate sector, where investors can face significant risks. Such prosecutions are crucial for upholding investor rights and rebuilding confidence in the market. The ongoing investigation into these fraudulent schemes may serve as a deterrent for future misconduct.