Dubai civil court has ordered two women convicted in a fake online trading scam to pay Dh700,000 in compensation to a man who lost his savings after being lured into investing through a bogus global markets platform. According to court records, the victim was approached through phone calls and online communication by individuals claiming to represent a licensed investment and broking company dealing in gold, oil and international market indices. To gain his trust, the suspects allegedly shared documents and information that appeared to show the company was legally licensed in the UAE. Believing the operation was genuine, the man opened an account and began transferring money in instalments over several months. Investigations later showed that more than Dh600,000 was transferred into bank accounts linked to the two defendants between May and August last year. The victim told the court the money represented savings he had built up over many years. The fraud was uncovered after the investor realised the company was allegedly not authorised to conduct the activities it claimed and that the online trading activity displayed on the platform was fictitious. The victim subsequently filed a complaint with Dubai Police, triggering an investigation that tracked the transfers and linked the accounts to [...]
