Some UAE Investors Scammed Out Of Up To Dh183,000 By Online 'Trading Firm'

A major UAE retail giant has denied any connection to an online trading platform that publicly lists its landline number - one of several red flags uncovered in a Khaleej Times investigation.

When Skyline Trading is searched online, the result shows Skyline General Trading with a World Trade Centre co-working office address and a landline number. But the number dials through to Sharaf Group, which confirmed it has no ties to the firm. Clicking on the online entry, however, redirects users to Skyline Trading's website, further blurring the lines between the two entities.

The confusion has cost investors thousands of dirhams. Several UAE residents told Khaleej Times they were 'ghosted' after transferring funds, unable to reach company representatives or recover their money.

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Skyline Trading relies on a vast network of telesales agents who cold-call residents, pitching unusually high returns. The firm is not licensed by the UAE's Securities and Commodities Authority (SCA). Once a prospect shows interest, they are connected to“relationship managers” who arrange meetings in co-working spaces.

In one such meeting, held in a rented room at the World Trade Centre and presented as Skyline's Dubai office, a company representative handed over brochures and a branded diary claiming a global presence. When pressed for a verifiable office address, he was unable to provide one. The meeting ended abruptly when this journalist disclosed his identity.

Later, a man identifying himself as a 'partners relationship manager,' called from a Qatar number, claiming to be from Skyline's Doha office but refusing to give its location. He diverted all queries to a lawyer.

Skyline's corporate trail is a maze of overlapping names and virtual offices. Its website claims it is a Mauritius-regulated broker, listing an address at Level 6, Ken Lee Building in Port Louis - a location used by at least 15 other firms.

Mauritius records confirm a company called Skyline Trading exists, but with different directors and no clear link to the Dubai operation. Skyline Markets, another name used for Skyline Trading, is licensed by the Financial Services Commission (FSC) of Mauritius.

In effect, three similarly named entities - Skyline Trading/Skyline Markets, Skyline General Trading, and Skyline Technologies Trade - appear to be used interchangeably. No verifiable corporate connection between them could be established, except that investor funds were funneled through this network.

Despite the corporate complexity, Skyline promotes itself on its website as the“Global No. 1 broker.” But UAE residents who spoke to Khaleej Times reported being shut out once payments were made. Abu Dhabi resident Shahul Hameed invested $16,000 (Dh58,000).“They either don't answer my calls or dismiss me outright,” he said.

'This has wrecked me'

For Mohammad Akmal Tirmizi, who invested $50,000 (Dh183,000), the consequences were devastating. “The money was meant for my brother's dialysis. This has wrecked me,” he said. Bank transfer slips reviewed by Khaleej Times confirm his funds went to Skyline Technologies Trade.

Tirmizi wrote to the SCA, which replied that the firm was not under their jurisdiction. He is weighing legal action against Skyline but admits the prohibitive costs have left him hesitant.

Joji Thomas said he lost nearly Dh40,000 after being shown profits on Skyline's dashboard and then blocked when he tried to withdraw.“My relationship manager kept pushing me into risky trades. When I asked to withdraw $3,000, he warned me my account would be wiped out for 'low margin.' Instead of processing the withdrawal, he placed more losing trades that drained my funds,” Thomas said. His transfer also went to Skyline Technologies Trade.

The SCA has repeatedly urged investors to verify the licensing status of any trading platform before transferring funds.“Transactions with unlicensed operators leave investors vulnerable to fraud,” the regulator warned.

In response to Khaleej Times' questions, Skyline's legal counsel in Mauritius said the company was reviewing the matters raised. The lawyer maintained that Skyline operates lawfully in Mauritius but did not answer specific questions about its physical address, its use of multiple entities, or why investor funds were being routed into accounts under Skyline Technologies Trade

The promised documents were not provided by deadline despite reminders. Skyline's counsel has since proposed an in-person meeting to present the documents. This report will be updated if further responses are received.

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