The Dubai Civil Court sentenced two women, who were convicted in a case of fraudulent online investment, to pay 700,000 dirhams in compensation to a man who lost all his life savings.

According to court documents, this man became acquainted with individuals who introduced themselves as representatives of a licensed company in the field of investment and brokerage of gold, oil, and international indices through phone calls and online communications.

The defendants provided documents and information to gain his trust, showing that the company was legally registered and active in the UAE. The victim, believing in the legitimacy of this activity, opened an account and deposited various amounts into the designated accounts over several months.

Investigations revealed that between May and August of last year, over 600,000 dirhams were transferred to accounts linked to these two women. The man stated in court that this money was his long-term savings.

The case came to light when the victim realized that the company in question did not have a license to conduct such activities and that all transactions displayed on the platform were fictitious.

The Dubai police traced the money transfer route after receiving the complaint and linked the accounts to the two defendants. The prosecution also charged them with possessing money obtained from suspicious activities, and they were convicted in the criminal case.

The court stated that these individuals had deceived the victim with a professional and organized system to make him believe he was dealing with a reputable investment company.

Investigations also revealed that the platform displayed fake transactions and losses to conceal the disappearance of the funds.

The victim testified in court that after losing his investment, he was forced to sell personal belongings and even his wife's gold, and to borrow from others.

Ultimately, the court ruled that the two defendants were jointly responsible for the financial and emotional damages incurred and must pay 700,000 dirhams in compensation along with legal interest and court costs.

The UAE police have repeatedly warned to always verify the licenses of companies through official authorities before any online investment and not to trust unrealistic promises of quick profits.

Source: Gulf Times