Authorities in the UAE caution the public about organised scams that use luxury imagery, fake platforms, and psychological manipulation to deceive victims into investing large sums, often leaving them in debt and emotional distress.
Lawyers, cybersecurity specialists and a psychologist in the UAE are warning people not to chase the promise of fast wealth through fake trading platforms promoted on social media, saying organised fraud gangs use glossy marketing, luxury imagery and claims of financial freedom to lure victims before taking their money. According to Emirates Today, the adverts present themselves as gateways to international markets and promise access to trading in gold, oil, shares, foreign exchange, cryptocurrencies, commodities and indices, often alongside claims of award-winning technology and real-time trading.
The paper reported that several victims have already filed complaints after being persuaded to transfer large sums on the basis of supposed quick returns. One man, identified as Abu Saheel, said he was contacted via WhatsApp by a woman claiming to represent a network of investment facilitators and was then added to a Telegram group where he was encouraged to keep paying in to unlock profits. He said he eventually transferred Dh85,711 before realising he had been deceived. Another victim, Abu Mohammed, said he sent Dh200,000 after being promised regular returns, while a third said he lost Dh70,000 after being approached through Instagram and WhatsApp.
Dr Medhat Al Sobahi, a psychological consultant quoted by Emirates Today, said repeated exposure to these scams is not simply a matter of carelessness. He said fraudsters exploit a mix of human tendencies, including a legitimate desire to improve financial circumstances, fear of missing out, overconfidence, misplaced trust in apparent credibility, social proof, incremental commitment, excessive optimism and the pressure created by financial and emotional stress. He said scammers often start with small, believable gains before pushing victims to commit larger sums, making it harder for them to walk away after the first loss.
Abdulnour Sami, a cyber-security expert, said the technical side of the fraud is built around heavy advertising spending, fake promotional videos and deepfake technology that imitates the voices of well-known figures. He said the fake platforms are designed to look convincing, with polished websites, attractive apps and chatbots that respond around the clock, while the people behind them often work in an organised structure similar to a sales operation. He added that closing such operations can be difficult, particularly when the fraudsters are based outside the country, because tracking digital money trails and crypto wallets is complex and often requires international cooperation.
Lawyer Salem Obaid Al Naqbi said anyone promoting these platforms could face both civil and criminal liability if they knew the activity was unlawful or helped attract victims. He said those affected may seek compensation for direct losses, missed gains and emotional harm, while also joining criminal and civil claims. Another lawyer, Salem Saeed Al Hieqi, said the responsibility can extend to anyone who markets an unlicensed trading platform without properly checking its legal status. Emirates Today also cited UAE law that provides for jail terms and fines of between Dh20,000 and Dh500,000 for misleading advertising or promoting unlicensed virtual or digital currency dealings. Abu Dhabi’s Judicial Department has separately warned that many such schemes begin with small rewards and then move victims towards supposed “strong deals” before draining accounts, sometimes leaving people in debt as well as out of pocket.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
