3 arrested for attempted appropriation of property by fraud

The Investigation Service of Georgia’s Finance Ministry on Tuesday said it had arrested three individuals, including a foreign national, for an attempted appropriation of property from a company using fraudulent papers.

The body said the individuals had forged documents granting them representation by the founder of the company, and also used fraudulent confirmation from a notary based abroad, before attempting to use the papers to ask the Public Service Hall to transfer founding capital of the company to one of the members of the group.

The transfer involved ₾13 million ($4.934 mln) in real estate, with the group also requesting from the body to approve a replacement of the Director of the company, however the attempt was foiled by “coordinated actions” by the National Agency of Public Registry and the Investigation Service, the latter said.

The crime is punishable by imprisonment from six to nine years.