South Asian Run Realty Company Shut Down And Bank Accounts Frozen

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The Real Estate Council of BC closed 8th Avenue Elite Realty because it says the public interest would be hurt by “the length of time required to complete an investigation or hold a disciplinary hearing.” The council has ordered 12 accounts at four different banks be frozen. According to News 1130, the company was set up in 2012 by Rup Dawoodharry and lists an office on 32nd Avenue. Its phone is continuously busy and her page on LinkedIn can no longer be found.

SURREY (NEWS1130) – A South Asian run real estate company in Surrey has been shut down and its bank accounts frozen by industry regulators who will hold a hearing into the firm.

The Real Estate Council of BC says it closed 8th Avenue Elite Realty because the public interest would be hurt by “the length of time required to complete an investigation or hold a disciplinary hearing.”

The council has ordered 12 accounts at four different banks be frozen.

The Council suspended the license as a result of the failure of 8th Avenue Elite Realty Ltd. to account for trust monies held on behalf of clients.

“8th Avenue Elite Realty Ltd. is prohibited from providing real estate services to or on behalf of any member of the public as a result of this order. This suspension is in accordance with section 45 of the Real Estate Services Act and remains in effect until further notice,” the Council said in a press release.

The company was set up in 2012 by Rup Dawoodharry and lists an office on 32nd Avenue. Its phone is continuously busy and her page on LinkedIn can no longer be found, reported News 1130.

The Web site 8thavenue.ca is dead, but the site dawoodharryteam.com is still active. A third site, homeforeclosuresbc.com, has this message:

Dawoodharry was also trying to franchise 8th Avenue Elite elsewhere in BC.

Marilee Peters, communications officer for Real Estate Council of BC, the provincial regulatory agency, told Peace Arch News Thursday that she could not disclose when investigation into the brokerage began, the value of monies unaccounted for or the number of clients affected.

She did say that such orders are “fortunately, a rare occurrence.”

Peters said “slightly less than 70” real estate agents were licensed under 8th Avenue, which was operating out of Morgan Creek Corporate Centre, at 210-15252 32 Ave.

“Because the brokerage’s licence has been suspended, their licence is inoperative,” Peters said of the associated agents.

However, the disciplinary step does not prevent those agents from transferring their licence to another brokerage.

A note posted on the brokerage’s Facebook page Aug. 25 appeals for information on the whereabouts of two individuals, reported Peace Arch News.

“The staff has left and the commission cheques are not being paid!” writes Julia Greene. “Please contact the Real Estate Council if you know anything…”

According to the Facebook page, the “real estate brokerage and real estate education center” opened on Jan. 11, 2013, offering “a new brand in real estate.”

“8th Avenue strives to be modern, trendy, professional, connected, and provide leading edge technology to its agents to provide customers with results they deserve.”

Peters told Peace Arch News the council is “working very hard” on the case, but she could not predict how long the investigation might take.

Inquiries from concerned clients of 8th Avenue Elite Realty Ltd. should be directed to the Council at 604-683-9664 or toll-free at 1-877-683-9664.

The Council is a regulatory agency established by the provincial government. Its mandate is to protect the public by enforcing the licensing and licensee conduct requirements of the Real Estate Services Act.