Several criminal proceedings and luxury lifestyle Dubious Sugus businessman arrested in Zurich

The manager of the Sugus houses in Zurich presents himself as a successful real estate entrepreneur. But the man is now at the center of a possible million-dollar scandal. He was arrested on Thursday.

A real estate entrepreneur and manager of the Sugus properties in Zurich has been heavily criticized for his business conduct. Research by the NZZ shows that behind his luxurious lifestyle - Maserati, yacht and golf tournaments - lies a system of bankruptcies, unpaid bills and open criminal proceedings.

Among other things, he is being investigated for dishonest management and embezzlement. The alleged loss amounts to several million francs.

The man has been involved in at least 16 bankruptcy proceedings in the last 20 years, writes the NZZ. His companies, often active in the real estate sector, went bankrupt one after the other, while tradesmen and creditors were left with unpaid bills.

The man was arrested on Thursday, as the NZZ reports. The public prosecutor's office in Schwyz confirmed the arrest. More detailed information was not initially released.

Examples such as the "Loch von Kestenholz", an unfinished development in the canton of Solothurn, or the apartment building in Derendingen, characterized by construction defects and environmental problems, show the pattern: "He doesn't pay his bills, destroys livelihoods, files for bankruptcy and simply carries on," says an aggrieved craftsman.

Criminal proceedings and tax debts

The Zurich entrepreneur is currently under suspicion of having created fictitious invoices and enriching himself personally. According to a ruling by the Federal Criminal Court, he is facing a total loss of 5.4 million francs. He is also said to owe the tax authorities several hundred thousand francs.

Although he is now registered in Croatia, he is still active in Switzerland - as the manager of the Sugus buildings in Zurich, which made negative headlines due to mass terminations. Around 200 tenants are to be evicted.

Corporate network and delayed payment

The real estate manager presents himself as a charismatic entrepreneur with a penchant for luxury and sport. But the NZZ reveals: Behind the glamor is a network of corporate networks, concealed debt collection and delayed payments.

His business partners tell of a man who gains trust only to abuse it afterwards. "Some only realize years later that they have been duped," says a former business partner.

The man and his lawyer reject all accusations. "No one is being or has ever been defrauded," he explained in a statement. The bankruptcies of his companies were handled in a legally correct manner and the claims are unjustified. However, the pressure on him is increasing: not only the media, but also the public - as at a demonstration against the mass redundancies in Zurich - are increasingly questioning his actions.