Key Takeaway: Always verify a forex broker’s legitimacy through the UAE Securities and Commodities Authority (SCA) before investing. If approached by cold callers promising high returns with little risk, be extremely cautious – these are common tactics used by fraudulent trading platforms operating illegally in the UAE.
The Chilling Reality of Forex Scams in Dubai
“Do you know how many zeroes are in dirham one-hundred-and-fifty-thousand?”
The mocking voice on the phone belongs to someone who once charmed Dubai resident Imran Zaman into investing his savings. Now, that same voice hurls threats and expletives as Imran desperately tries to recover his lost funds.
This stark transformation from smooth-talking financial advisor to aggressive bully is a pattern all too familiar to victims of forex scams across the UAE in 2025.
The Devastating Toll: Real Stories from Dubai
Imran, a civil engineer in Dubai, first received calls from DuttFX in September 2024. What began with friendly market insights and promises of substantial returns led to a devastating loss of Dh180,000.
Other Dubai residents share similarly painful experiences:
- Shishir lost Dh80,000
- Nalini lost Dh52,000
- Pravin lost Dh45,000
- Mohammed Ayeshan lost Dh36,500 to EVM Prime Support
Most victims took bank loans or exhausted their credit cards, convinced they were investing in a “highly secure trading environment.” Yet none had ever visited a physical office of these companies—because they don’t exist in the UAE.
How the Scam Works: A Well-Rehearsed Deception
The fraud follows a consistent strategy that has worked repeatedly across Dubai:
- The Initial Contact: A friendly cold call filled with impressive financial terminology
- Trust Building: Convincing investors to deposit a small amount (typically $1,000) to “test the waters”
- Reinforcement: Allowing small withdrawals to create the illusion of legitimacy
- Escalation: Pressuring victims to increase deposits for “golden opportunities”
- The Trap: Directing investors toward high-risk trades, claiming it’s necessary to “protect profits”
- The Vanishing Act: Locking victims out of their accounts, making withdrawals impossible
Mohammed Ayeshan’s experience with EVM Prime Support exemplifies this pattern. He was persuaded to invest Dh3,673 initially, then gradually added more funds as his “relationship manager” showed him small early profits.
“I kept adding funds as instructed, believing I could recover my money,” Ayeshan told JobXDubai. “Overall, I have lost everything. I am in severe depression, and my health has suffered.”
Ghost Companies with No Accountability
Investigations reveal these companies exist in name only within the UAE, leaving defrauded investors with nobody to hold responsible.
When JobXDubai attempted to contact these firms, the results were telling:
- Calls to EVM Prime Support’s “relationship manager” Fatima were answered by someone named Sanjana. When asked for a physical address, the call was immediately disconnected.
- Similar evasion occurred with DuttFX’s “relationship manager” Abhimanyu, who denied his identity when confronted.
For victims who have lost their savings, recovery proves nearly impossible without a registered entity to pursue legally.
A History of Forex Fraud in the UAE
This isn’t the first wave of forex scams to hit Dubai:
- Exential Forex: One of the largest forex frauds in UAE history, where owner Sydney Lemos orchestrated a Dh1 billion Ponzi scheme. Despite his 500-year prison sentence in 2017, similar scams continue.
- MMA Forex and UT Markets: Used identical tactics, promising guaranteed returns before disappearing when withdrawals were requested.
- Alpha Bull: Vanished completely, leaving investors with no recourse.
- Acme Consultancy and BlueChip: Recently shut down overnight, taking millions of dirhams with them.
Expert Warnings and Prevention Advice
Nigel Sillitoe, CEO of Insight Discovery, cautions: “It is deeply concerning that numerous unregulated online trading and forex investment companies continue to operate in the UAE. Investors must exercise extreme caution when approached by such firms.”
Sillitoe emphasises that the UAE has over 40 regulated brokerage firms, eliminating any need to risk dealing with illegal operators.
Even legitimate financial institutions aren’t immune to impersonation. Last year, scammers impersonated Equiti Group, a respected global fintech firm, prompting the UAE’s Securities and Commodities Authority (SCA) to issue public warnings.
Brian Myers, Chief Commercial Officer of Equiti Group, advises: “Traders should stay vigilant, verify broker legitimacy, and avoid platforms that operate without clear oversight. It always makes sense to undertake some due diligence before investing.”
Protecting Yourself from Forex Scams
To avoid becoming the next victim:
- Verify Registration: Check if the broker is registered with the UAE Securities and Commodities Authority (SCA)
- Be Wary of Cold Calls: Legitimate brokers rarely solicit business through unsolicited calls
- Research Thoroughly: Look for reviews, complaints, and regulatory warnings
- Question Guarantees: Be suspicious of promises of “guaranteed returns” or “risk-free” investments
- Resist Pressure: Legitimate financial advisors don’t rush decisions or create artificial urgency
The Continuing Cycle
Despite high-profile arrests and public warnings, new fraudulent firms continue to emerge with the same false promises under different names.
Industry experts warn that until decisive action prevents these operations from resurfacing, investors will remain vulnerable to these schemes. For now, vigilance remains the primary defence available to Dubai residents.
For privacy reasons, some victims’ names have been changed.
Have you encountered suspicious forex investment offers? Share your experience in the comments below or contact JobXDubai with your story.
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