Earlier this year, developer Ralan collapsed owing creditors at least half a billion dollars. Included among those impacted were hundreds of buyers who bought apartments off-the-plan and who are now facing deposit losses of up to $70,000 or more.
Many of these buyers were Chinese were targeted in an elaborate ponzi scheme and faced millions of dollars in losses.
On Friday, it was revealed that Ralan’s sole director, William O’Dwyer, burned millions on bitcoin, credit cards, properties, and other questionable purchases:
