One of the biggest defaulters in Dubai ever Cheerag Arya of JBF RAK
One of the biggest defaulters in Dubai ever – Cheerag Arya – of JBF RAK with factories in RAK, Belgium, Bahrain, Gujarat etc in polyester film and packaging etc has run away leaving a bank and creditor debt of about 2 BILLION dirhams.
This is so far the largest debtor to run from UAE in the history of UAE!
It will cause impact on hundreds of people who had supplied anything to this company!
JBF was the Top 5 producer of PET chips in the WORLD!
Previously, 2 known persons have run from Dubai leaving a debt of 1 billion each now 1 single person is gone with 2 billion debt.
JBF owner had a 50m house in Versace and owned 12 Ferraris, was from Mumbai and had only recently married an Australian lady.
His father was called back by Mashreq bank to discuss a resolution and was arrested as soon as he landed back because originally both father and son had left the UAE.
1 individual person/logistics company is owed 40m and for him is a dead loss forever.
The news is partly in the Gulf News only because partner was RAKIA and Mashreq was one of the lenders and now the debtors and owners have massive losses and no operator of the companies.