Dubai Retiree Loses Over Dh400,000 in Investment Scam
A Dubai investment scam cost a retiree more than Dh400,000 in two months, wiping out savings accumulated over 30 years, Khaleej Times reported on October 22.
Apparent Profits Encouraged Larger Payments
The man found an investment group on social media and initially transferred small sums. After receiving apparent profits, he increased his payments.
When he sought to withdraw his money, the operators demanded additional payments. He continued transferring funds before approaching police, by which time the money had passed through several personal bank accounts.
Police Warn Against Personal Account Transfers
Speaking to the newspaper, Dubai Police Anti-Fraud Center director Ali Saeed Al Yamahi urged residents to verify investment providers and avoid paying personal accounts for services that authorised businesses should provide.
Investors should independently check a provider’s identity and regulatory permissions before transferring funds. For questions about suspicious brokers or investment platforms, visit BrokersView Q&A.
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