Former and current directors of SkyFort detained over alleged property fraud

The Investigation Service of the Ministry of Finance of Georgia has detained the former and current directors of fintech company SkyFort on charges of fraudulently obtaining property, illegal appropriation of assets and unlawful use of seized property.

The agency said on Saturday that the suspects allegedly misappropriated funds paid by participants in a residential construction project in the country’s western city of Kutaisi. Investigators say 91 customers paid a total of $1.25 million and ₾411,897 ($156,941) for apartments and commercial spaces that were not completed as agreed.

The investigation also found that additional customers were allegedly sold non-existent property, causing further damage of $430,000.

The total alleged damage caused to citizens amounts to $1.68 million and ₾411,897.

The crime is punishable by up to 11 years in prison.