The Directorate for Investigating Organized Crime and Terrorism (DIICOT) has been diligently investigating possible frauds and the activities of an organized criminal group linked to real estate developer Nordis for approximately a year. According to sources familiar with the investigations, prosecutors have been delving into various complaints filed against those associated with Nordis since the beginning of the year. Despite the extensive investigations, no individual has been indicted in connection to the alleged fraudulent activities, as reported by PressHub.
In response to the scandal surrounding Nordis, the senior ruling Social Democratic Party has announced imminent legislative amendments. These changes aim to address the issue of front payments charged by real estate developers for projects that are not yet completed. Under a draft bill unveiled by G4media.ro, the front payment will be limited to 10% of the deal’s value, and the money collected will be transparently utilized solely for the development of the project.
Interestingly, the prosecutors involved in the investigation are not targeting specific individuals in relation to the alleged frauds at Nordis, as revealed by G4media.ro. The publication previously shed light on „the business of a political-real estate clan with connections at the highest level,“ with Vladimir Ciorbă being the principal owner of Nordis. Ciorbă’s wife, Laura Vicol, a Social Democrat MP, and former head of the legal committee of the Chamber of Deputies, is closely associated with the company.
On October 7, a panel of judges from the Bucharest Court granted the request of one of Nordis Management’s creditors and ordered the company’s insolvency. Following this development, Laura Vicol resigned from her position as head of the legal committee. Recorder, a local investigative platform, also uncovered the political connections of the developer. Based on extensive research and document analysis, Recorder alleged that Nordis had sold the same apartment to multiple buyers through various means such as pre-contracts or contracts. In response to these allegations, the developer denied the claims, stating that such actions would be impossible to execute.
Recorder journalists highlighted that the alleged scheme at Nordis would not have been feasible without significant loopholes in Romanian legislation and the purported political affiliations tied to the business. The intricate web of connections and allegations surrounding Nordis continues to unravel, prompting further scrutiny and calls for accountability in the real estate sector.
As the investigations into Nordis and its associated activities unfold, the public remains eager for transparency, justice, and reforms to prevent similar incidents in the future. The evolving saga of Nordis serves as a stark reminder of the complexities and challenges within the real estate industry, underscoring the importance of robust regulations and oversight to safeguard against fraudulent practices.