Complaint names two more in Baltimore real estate fraud that cost investors millions

March 23, 2026 - 23:03

A newly amended legal complaint has unveiled further details and named additional defendants in a sprawling Baltimore real estate investment scheme, which allegedly defrauded investors of millions of dollars. The filing paints a complex picture of a years-long operation centered on the acquisition and fraudulent resale of distressed inner-city properties.

According to the complaint, orchestrated by lead plaintiff Serkan Gökmener and former Deputy Attorney General Thiru Vignarajah, the scheme involved a network of individuals who used shell companies to buy properties at low prices. These assets were then allegedly "flipped" at dramatically inflated values to unsuspecting overseas investors, primarily from Turkey and surrounding regions. The promised renovations and rental income often never materialized.

The fraudulent operation reportedly relied on falsified documents, including doctored appraisals and lease agreements, to justify the inflated prices and lure investors seeking U.S. residency through the EB-5 visa program. The new complaint names two further individuals alleged to be key facilitators in securing these fraudulent appraisals and manipulating property records.

Victims, many of whom invested their life savings, were left with worthless deeds to dilapidated properties and faced financial ruin. The complaint seeks substantial damages and aims to pierce the corporate veil of the numerous LLCs used in the alleged fraud. The case continues to develop as investigators trace the complex flow of funds and the full scope of the losses.