A Turkish construction company named Cloud Construction, has recently expanded its activities in the TRNC. However it has been plagued by rumours of mis-selling.
The owner of the company, Temel Bulut, was interviewed on TRNC television but many of the points he made were inconsistent and later proved to be untrue.
It was subsequently shown that many cheques issued by Mr Bulut for work done had bounced and that this appeared to be a deliberate tactic on his part.
Now many people suspect that he is no longer able to build in Turkey and has switched his focus to the TRNC.
Many depositors in Turkey have been cheated by Mr Bulut’s construction company. For example, his Gumus City project has licences to sell 116 apartments but it has actually sold 1200. This has created more than 1000 victims who do not possess government licenses for their apartments.
It appears that Mr Bulut is following similar strategies in North Cyprus. He has managed to get deposits for the sale of ‘Kalamis Homes’ in Catalkoy. This is land he is using as security for bank loans. He is then using these funds to develop the ‘Lavinium’ site.
Depositors from Turkey are warning citizens of the TRNC not to fall for his sales pitch and his TV advertisements that attempt to portray Cloud Construction as a major company.
These advertisements promise impossible completion deadlines.