Two Women Ordered to Repay Dh700,000 in Fake Online Trading Platform Scam

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 life savings after being deceived into investing through a bogus global markets platform.

According to court records, the victim was contacted through phone calls and online messages by individuals claiming to represent a licensed investment and brokerage company involved in gold, oil and international market trading.

To gain his confidence, the suspects allegedly provided documents and details that appeared to show the company was legally authorised to operate in the UAE.

Believing the investment scheme to be genuine, the man opened an account and transferred money in instalments over several months.

Investigators later found that more than Dh600,000 had been deposited into bank accounts linked to the two defendants between May and August last year. The victim told the court the money represented savings accumulated over many years.

The fraud came to light after the investor discovered that the company allegedly lacked authorisation to conduct the activities it claimed, while the trading activity displayed on the platform was allegedly fabricated.

The victim then lodged a complaint with Dubai Police, prompting an investigation that traced the transfers and linked the accounts to the two women.

Prosecutors later charged the defendants with possessing funds obtained under suspicious circumstances, resulting in their conviction in criminal court.

During the civil proceedings, the victim said the losses caused severe financial and emotional hardship. He told the court he was forced to sell personal belongings and his wife’s jewellery, and borrow money from others after losing his savings.

One of the defendants denied direct involvement, claiming she had allowed the use of her bank account without knowing the nature of the transactions and believed they were related to ordinary financial dealings.

However, the court found that the victim had been systematically misled through a fraudulent investment operation designed to create the impression of a legitimate trading company.

Investigators also found that the platform allegedly displayed fictitious trading activity and fabricated losses to conceal the disappearance of the funds.

The court ruled that both defendants were jointly liable for the financial and moral damages suffered by the victim and ordered them to pay Dh700,000 in compensation, along with legal interest and court expenses.

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