MOSCOW, January 16 (RIA Novosti) - About 32,000 of the homebuyers who invested in construction projects in Russia in recent years have been cheated out of their money by dishonest developers, Auditing Chamber Chair Sergei Stepashin told a news conference Monday.
Stepashin said improving the legislation regulating the construction market and introducing public licensing for companies involved in the sector would lower the risk of investing in developing projects.
The Auditing Chamber will be inspecting the operations of licensing agencies in the next few months, Stepashin said. He said officials who issued licenses to fraudulent companies must be held accountable.
