Prosecutors expand Nordis investigation after 300 new complaints, damages reach EUR 75 mln

Romanian prosecutors at the Directorate for Investigating Organized Crime and Terrorism in Bucharest, or DIICOT, expanded the investigation into the defunct real estate developer Nordis, after receiving 300 new complaints from victims, Digi24 reported.

Nordis, a premium developer, allegedly collected money from buyers, embezzled company funds, and misled customers during the signing of pre-contracts and sales agreements, according to investigators. Moreover, the company illegally obtained refunds or compensation from the state budget. In total, the group leaders collected EUR 195 million from 2019 to 2024.

The new complaints bring additional estimated damage of roughly EUR 37 million, bringing the total to over EUR 75 million, according to Digi24.

Investigators indicate that a total of 850 people claim to have paid the price of apartments in advance, partially or even in full, to benefit from discounts. However, the promised homes were not delivered.

The representatives of Nordis, who were initially held in preventive detention for a few days and later placed under judicial control, reject the accusations and claim that they are trying to restructure the insolvent companies’ activities to deliver the promised apartments.

The Nordis case, which impacted much of the presidential campaign at the end of 2024 and the beginning of 2025, concerns organized crime, money laundering, embezzlement, and fraud with particularly serious consequences. Of note are also the political connections of the accused managers of Nordis, particularly their ties with the Social Democratic Party.

The Nordis investigation is ongoing, despite its sluggish progression. At the end of August, prosecutors decided to reimpose seizures on the company’s and administrators’ assets after the court had previously lifted the measure.

Last month, Nordis announced that a new strategic investor is looking to take over its business. The investor, the Avangarde Group, is also active on the real estate market and aims to acquire Nordis Mamaia SRL and Nordis Management SRL, the main companies in the group.

(Photo source: Inquam Photos | Octav Ganea)