Mikhail Babel arrested for Terletskiy Park double development

Mikhail Babel arrested for Terletskiy Park double development
Mikhail Babel

Head of development company Mikhail Babel is arrested on suspicion of swindling on an especially large scale.

Employees of the Ministry of Internal Affairs detained the head of real estate development company NBM-Stroyservis, Mikhail Babel, on suspicion of double sales of apartments in the residential complex Terletskiy Park, according to Vedomosti citing its own sources in the Moscow Government. With regard to the entrepreneur a criminal case is opened under part 4 of Art. 159 of the Criminal Code (Swindling on an especially large scale).

According Moskomstroyinvest, in the residential complex Terletskiy Park on Novogireevskaya street there were signed 300 co-investment agreements and in the register of the damaged individuals there have been already included 72 people. It is unknown who will continue the development.

Realtor of the project Alexander Khrustalev said that at the moment a number of measures for Terletskiy Park development company's financial rehabilitation is planned. In addition, it was found that suspicions against Babel arised before, during construction of the Capital Western Gate complex in the Odintsovo district of the Moscow region. Then, the businessman and his partner co-investor, Vice President of the corporation Soyuz-revival Alexander Vorobyov, were accused of swindling too.

Until 2008 Babel NBM-Stroyservis was a partner of Rose Group of companies in a number of projects, among which was the microtown In the Woods (more than 1 million sq. m. of the real estate) in the Krasnogorsk district. In addition, NBM-Stroyservis was going to buy the project of a multifunctional complex on the Sofiyskaya Embankment from the Moscow Government, but the company failed to reach an agreement with VTB Bank for co-investment.

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