Darik Elwan - ICG Properties

Darik Elwan & his $490 Million Fraud

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Published: 22 December 2017

Posted by: DC Real Estate Watch

ICG Properties based in Washington DC is a controversial real estate development company located literally steps away from the White House. It is controlled by an accused fraudster Ibrahim Elwan who has since fled to Dubai after swindling the World Bank out of hundreds of millions of dollars. Now his company is at it again. The recent shell game involves $101 million dollars of shifting assets around between ICG, Cassidy Turley and JBG with little transparency about the deal. The deal comes just a few years after ICG announced a similar “recapitalization” project valued at $100 million with Westbrook partners.

This time however, REBusiness online reports that ICG wasn’t part of the deal and was represented by one of the other parties (see below).

Cassidy turley arranges $101.5 million in office deals

 

The Elwans own and run multiple websites and businsses, as listed below –

 

Domain Name Creation Date Registrar
tanqia-ksa.com 2009-09-29 register.com
tanqia-h2o.com 2009-11-20 register.com
tanqiaenterprises.com 2009-09-08 register.com
tanqia-egypt.com 2009-09-29 register.com
tanqia-bahrain.com 2009-09-29 register.com
l1ventures.com 2009-05-26 register.com
l1infrastructure.com 2009-05-26 register.com
elwanresources.com 2009-11-20 register.com
elwanpartners.com 2009-05-26 register.com
elwanlocanda.com 2009-09-29 register.com
elwanindustries.com 2010-05-07 register.com
elwancapitalpartners.com 2009-05-26 register.com
caissonpartners.com 2010-07-21 register.com
1600eye.com 2009-05-26 register.com
tanqia-qatar.com 2009-09-29 register.com
tanqia-maghreb.com 2009-09-29 register.com
adamelwan.info 2017-04-24 godaddy.com
rayanelwan.info 2017-04-24 godaddy.com
tanqia-uae.com 2009-09-29 register.com
tanqia-tadweer.com 2010-03-03 register.com

 

 

From The Washington Post –

 

WASHINGTON – Ibrahim I. Elwan was a World Bank energy technocrat who lived in a plain house on a small lot in Arlington, Va. One summer he moved to a $1.3 million residence on a street of gated estates.

He resigned from his job a year later and within months he was an influential player in the rapidly developing utility industry of South Asia.

Now, Elwan’s life is taking another abrupt turn.

The World Bank’s recently created internal fraud team has been investigating him since July as part of a larger effort to clean up possible corruption, sources familiar with the probe said.

Pakistan’s government recently filed criminal charges accusing Elwan of fraud and misappropriation in a World Bank utility project he masterminded.

Charged with him were top utility executives and Asif Ali Zardari, the husband of former Prime Minister Benazir Bhutto.

The case has thrust Elwan, 55, an obscure energy expert, into a consumer and financial scandal playing out overseas. While at the bank, Elwan orchestrated a $250 million loan and a $240 million loan guarantee that made the utility project, called Hubco, possible.

But Pakistan officials say they have evidence that Elwan and the others benefited personally from sweetheart deals that forced the government to pay exorbitant electric rates and left consumers unable to afford electricity.

The World Bank’s corruption squad is examining the roles played by Elwan and others in managing Hubco and other huge international energy deals. The bank lends billions of dollars annually to support development projects intended to alleviate poverty around the world.

Elwan is an Egyptian national. He joined the bank in 1976 and in 1986 became a manager on energy projects in South Asia, Work Bank spokesman Paul Mitchell said.

At the time, the bank was trying to stimulate investment in Pakistan’s underdeveloped energy sector. But private investors were frightened by Pakistan’s instability.

By 1991 Elwan appeared to have found a way around those fears: a World Bank guarantee that protected lenders against political risks. Through the 1990s the bank played a role in financing 12 energy projects in Pakistan. Elwan also guided planning for the $1.8 billion Hubco power station. The plant supplies 13 percent of Pakistan’s electricity.

In August 1993 Elwan’s personal fortunes appeared to improve dramatically. He sold his $115,000 Arlington home for $585,000 and took out an $800,000 mortgage on a $1.2 million, 6,500-square-foot home in the Spring Valley section of Washington, D.C., real estate records show. On Nov. 30, 1994, the bank approved the final piece of the Hubco loan package. Elwan resigned a month later and started a company called Infrastructure Capital Group.

 

 

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