Investment scammers who use fake websites arrested

Dubai Police has arrested a gang of bogus investment scammers who were using fake websites to trap unsuspecting victims.

The E-investigation Department at the General Administration of Criminal Investigations caught the gang, which had developed a pyramid marketing method for selling investment shares, while misleading the victims by claiming that a monthly profit could be earned.

The victims were led to believe that their investment would be retrieved within six months.

Major Saeed Al Hajiri Director of the e-Investigation Directorate said they were alerted to the case on September 14, when they received a complaint from a European expatriate.

She said that she was introduced to an Asian expatriate in a neighbouring country through another Asian in Dubai who led her to believe that they owned an investment company in Dubai and that their profits reached 20 per cent on a monthly basis.

The European expatriate paid a sum in US dollars and received a certificate for her shares. She was also able to see the prices of her shares on the internet website. She also doubled the sum for more shares and received additional profits. The investors company also made a lunch banquet in one of Dubai’s hotels to give out profits.
However, after a while she discovered that the whole process was a bogus operation.

Upon the received information, the e-Investigation Department was able to make a link to the person who booked the conference room in the hotel where the lunch banquet was held.

An ambush was set and a plan devised where the Asian person was caught upon entering the country with others through the airport.

Major Al Hajiri said that such companies usually take off with the money after cancelling the website.

He also added that the complaint against this company while they were still active contributed to capturing the accused