Mehdi Asgari, an Iranian living in Dubai, was invited to join an online investment platform for gold mining introduced as Missoma through WhatsApp in January.
When he signed up, he was told to complete small orders in the form of mining tasks. He initially deposited Dh5,000 ($1,360) to complete “simple daily tasks” such as clicking on mining or trading buttons. After each task, the platform would show small “profits” being added to his account balance.
These numbers were used to encourage him to deposit larger amounts over time. Mr Asgari, 45, was repeatedly asked to deposit more money to unlock additional features, which never materialised. Cumulatively, he transferred Dh703,000 to numerous bank accounts in the UAE.
“I did not engage in any actual mining. The so-called mining was merely a term used by the fraudsters to describe a process where I was required to deposit additional funds in order to unlock or ‘process’ previous earnings or commissions on the Missoma platform,” says Mr Asgari, who works in analytical chemistry in Dubai.
“The 'earnings’ or ‘commissions’ displayed on the platform were not based on any actual trading activity or product sales. Instead, they were fabricated numbers shown in my account dashboard to give the illusion that I was profiting.
“This was part of their manipulation tactic to make it seem like the platform was generating profits. In reality, it was just a way to pressure victims like myself to deposit more money under false pretences.”
Eventually, when Mr Asgari attempted to withdraw his funds, they claimed he had to complete more “high-value orders” or “pay activation fees”. That’s when he realised his money was trapped.
Despite filing complaints with Dubai Police’s e-crimes unit in April, the Criminal Investigation Department and the UAE Central Bank, Mr Asgari has yet to receive any resolution.
Calls and WhatsApp messages initiated by The National with the alleged fraudsters’ phone numbers provided by Mr Asgari went unanswered.
Fifty-six per cent of the UAE population is subject to a scam attempt at least once a month, according to the UAE Cybersecurity Council’s 2024 State of Scams report, which polled 1,964 UAE citizens. The survey found the majority of scams are delivered through instant messaging tools, with WhatsApp being the most used platform for scam delivery. Phone calls and text/SMS messages are also common mediums for fraudsters, followed by email in fourth place.
Modus operandi
Scammers often approach victims through social media, messaging apps, or fake websites. They pose as trusted companies or investors, use fake dashboards to show fake profits to build trust, and gradually push for more deposits. When the victim tries to withdraw funds, they are asked to pay additional “fees” until eventually, the scammers vanish, says Navin Gupta, chief executive of blockchain analytics platform Crystal Intelligence.
Watch out for unrealistic promises, suspicious URLs or apps, pressure to act quickly, urgent requests for more funds, or private keys, anonymous teams or sketchy websites, ever-changing withdrawal conditions and lack of transparency, he warns.
Carol Glynn, founder of Conscious Finance Coaching, points out it can be difficult to differentiate between genuine and fake investment platforms as the latter are becoming more and more sophisticated, and especially easy to believe for an inexperienced investor eager to make good returns.
Some red flags to look out for are platforms with no regulatory information or vague company backgrounds, promises of high, consistent returns with zero risk, urgency tactics such as “limited time investment windows” pressure to upgrade quickly, requests for payments via cryptocurrency, third-party transfers, or to personal bank accounts, and poor grammar or inconsistent communication from so-called customer support, Ms Glynn highlights.
Legal perspective
Abdullah Ishnaneh, partner at law firm BSA, says the avenues the investor has already pursued, including Dubai Police Cybercrime and Public Prosecution, are the “correct and most reliable” channels for addressing online fraud in the UAE.
These authorities have the mandate to investigate scams, trace digital transactions and prosecute cybercrime under UAE law, particularly where the individuals involved are within the country. However, such complaints can stall if the evidence is not clearly presented or if the suspects are not easily traceable, Mr Ishnaneh explains.
“The most realistic path forward is to focus on the cybercrime complaint, ensuring that all evidence, such as proof of fabricated dashboards, misleading profit figures and coercive deposit tactics, is organised and linked clearly to UAE cybercrime laws, particularly Federal Decree Law No. 34 of 2021,” he says.
“A well-structured submission and consistent follow-up with the authorities may improve the chances of the case being reactivated, especially if any part of the scam was operated or facilitated from within the UAE.”
What to do
Ms Glynn says if someone falls victim to a suspected financial scam, the first thing to do is report to authorities ... gather all communications, bring records of all transactions, platform screenshots and any information on the individuals or companies involved.
Victims can report the case to the Cybercrimes Unit at Dubai Police or the force in their emirate. They can also report through the eCrime platform, she explains.
Watch: Large rise in crypto scams amid fears of missing out
Also, one must contact their bank immediately. If funds were sent via bank transfer, report it to the bank’s fraud department. It may be able to freeze the transfer if it was recent, she adds.
Informing the Telecommunications Regulatory Authority is also important. This can help prevent the scam site from continuing to operate or target others in the UAE, Ms Glynn recommends.
Red flags
Maher Yamout, lead security researcher for the Middle East, Turkiye and Africa at cyber security firm Kaspersky, instructs users to treat any platform promising “fixed daily returns” as suspicious until it processes a small test withdrawal and presents a licence they can verify with the UAE Securities Commodities Authority, Dubai Multi Commodities Centre, ADGM or Dubai International Financial Centre; to help check for authenticity.
Kaspersky research shows users in the Middle East hit by mobile financial threats jumped 146 per cent in 2024 from the previous year, and a further 43 per cent in the first quarter of this year, even though overall cyber attack volume in the UAE fell by 16 per cent.
“Several forces are driving the surge,” Mr Yamout says. "Persistently high gold prices push retail investors towards high-yield alternatives, creating fertile ground for fraudsters who clone legitimate bullion or cloud-mining projects.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
“Near-universal smartphone and digital wallet adoption in the UAE gives attackers a vast target pool, while AI-generated marketing materials, deepfake endorsements and encrypted-messaging campaigns let them distribute convincing lures at negligible cost."
Finally, instant crypto-payment rails make it easy to launder stolen funds across borders, keeping the risk to criminals low and the potential reward high, he adds.
Preventive tips
Ms Glynn suggests users always check a financial platform is licensed by a recognised regulator (like the DFSA or ADGM). Check directly with the governing body, do not merely trust the declaration on the investment company’s website, she says.
Be cautious of investment opportunities marketed through WhatsApp, Telegram, or social media with no professional or regulatory backing, especially if they are offering aggressive returns with no risk and vague explanations as to how they achieve these returns, Ms Glynn warns.
“Don’t rely on a friend’s recommendation, especially if they’re also inexperienced. If it sounds too good to be true, it usually is. Independent research and due diligence are essential,” she says.
“Avoid platforms that ask for repeated deposits without allowing any withdrawals and those that don't clearly outline their terms and conditions, charges, insurance, and process for withdrawal.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
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What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The years Ramadan fell in May
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
The%20specs
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
57%20Seconds
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Scotland's team:
15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell
Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris
UAE currency: the story behind the money in your pockets
Meydan race card
6.30pm: Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
7.05pm: Maiden (TB) Dh165,000 (D) 1,200m
7.40pm: Maiden (TB) Dh165,000 (D) 1,400m
8.15pm: Handicap (TB) Dh170,000 (D) 1,900m
8.50pm: Rated Conditions (TB) Dh240,000 (D) 1,600m
9.25pm: Handicap (TB) Dh175,000 (D)1,200m
10pm: Handicap (TB) Dh165,000 (D) 1,400m
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Scoreline
Syria 1-1 Australia
Syria Al Somah 85'
Australia Kruse 40'
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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-
-
-
-
-
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Political flags or banners
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Bikes, skateboards or scooters
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
