2 Women Convicted In Fake Online Trading Scam Ordered To Pay Dh700,000 Compensation

A 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 savings after being lured into investing through a bogus global markets platform.

According to court records, the victim was approached through phone calls and online communication by individuals claiming to represent a licensed investment and broking company dealing in gold, oil and international market indices.

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To gain his confidence, the suspects allegedly shared documents and information that appeared to show the company was legally licensed in the UAE.

Believing the operation was genuine, the man opened an account and began transferring money in instalments over several months.

Investigations later showed that more than Dh600,000 was transferred into bank accounts linked to the two defendants between May and August last year. The victim told the court the money represented savings he had built up over many years.

The fraud was uncovered after the investor realised the company was allegedly not authorised to conduct the activities it claimed and that the online trading activity displayed on the platform was fictitious.

The victim subsequently filed a complaint with Dubai Police, triggering an investigation that tracked the transfers and linked the accounts to the two women.

Prosecutors later charged the defendants with possessing funds obtained under suspicious circumstances, leading to their conviction in criminal proceedings.

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

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

However, the court found that the victim had been systematically deceived through a fraudulent investment scheme designed to create the impression that he was dealing with a legitimate trading company.

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

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

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