UAE Investors in Limbo as UK Group Shuts Dubai Office, Faces Fraud Probe

Hundreds of UAE-based investors are facing uncertainty after the UK asset management firm Seventy Ninth Group abruptly vacated its Dubai office, shut down its website, and failed to renew its licence for non-compliance, Khaleej Times reported.

 

The Dubai Multi Commodities Centre (DMCC), where the firm was licensed, confirmed to the daily: "The company in question has not met DMCC's clear compliance requirements and as such, would currently not be able to renew their license. DMCC also understands that the company has vacated its office in the DMCC district."

 

The Seventy Ninth Group, which entered Dubai in 2023, is under investigation by the City of London Police for suspected fraud and has been placed into administration in the UK. The firm sold structured loan notes backed by UK properties, promising investors annual returns of 15 to 18 per cent.

 

While the company has denied wrongdoing, it admitted payouts were suspended earlier this year under a moratorium while restructuring efforts were underway. A spokesperson told Khaleej Times: "There are currently ongoing court proceedings in the UK so we cannot say much, but we are looking to renew the licences as soon as we can."

 

Reports suggest more than 3,000 investors could be affected, with over £200 million (Dh930 million) at stake. Some assets, including a former hospital in Northumberland and offices in Warrington, have been put up for sale.

 

Several UAE investors said they have received little to no communication since payments were halted. One Abu Dhabi resident who invested Dh200,000 said: "We received an email months ago saying payments were being paused, but since then there has been no clarity." Another investor, a former Dubai expatriate who put in Dh360,000, said he initially received three payouts before they stopped: "I even considered reinvesting in February, but then the raid happened. Since then, there has been no clear response."

 

The City of London Police earlier arrested four individuals in Merseyside as part of the probe before releasing them on bail. Authorities have urged victims to file reports through its Major Incident Public Portal.

 

Legal experts warn that investors may only be partly covered by UK compensation schemes depending on when and how their funds were invested, with strict time limits on claims. Meanwhile, UK Finance has directed banks to freeze fraud compensation reimbursements until the investigation concludes.

 

A Dubai-based health professional who invested Dh800,000 told Khaleej Times he is now part of a global investor group seeking remedies: "There’s a lot happening in the UK, but as for me, I’m just a mute spectator. There is nothing much we can do but hope."

 

Insolvency & Law, a UK-based debt consultancy, said it had raised red flags about the group last year: "Beneath the slick branding and high-return promises was a structure built to delay, deflect, and deny accountability. Now, with payments frozen, arrests made, and administrators appointed, it’s no longer a matter of poor performance — it’s a full-blown collapse."

 

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