Dubai has recently witnessed a rising number of scams involving fake online trading companies. Several residents have reported being cheated out of large sums, with losses reaching as high as Dh183,000. Victims shared their stories with Khaleej Times, explaining how they transferred their money to an online ‘trading firm’ and were then ghosted by the company representatives. Many found themselves unable to contact the firm or reclaim their funds afterward.
This scam has caused distress and financial loss among residents who trusted the company with their investments. Authorities have yet to disclose further details about ongoing investigations into the fraudulent firm.
Experts advise investors to remain cautious when dealing with online financial services. Verifying the legitimacy of a company before making any transactions is crucial to prevent future scams.
Dubai continues to emphasize consumer protection and regulatory oversight in the fast-growing financial sector to safeguard investors.
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