How are UAE residents falling victim to online trading scams?

An investigation revealed that fraudulent call centres, fake brokerages, unlicensed trading platforms, and shell companies form a tightly run scam network targeting unsuspecting investors. These entities lure people in with aggressive cold-calls, fake dashboards, and false promises, operating a B-book model where trades aren't placed in real markets, but instead used to bet against clients. Victims like AK and SJ lost hundreds of thousands of dirhams and dollars, respectively, after being manipulated and threatened by so-called “relationship managers.” Some were even shown fake trading instruments like 'wheat.spot'. Once investments are wiped out, the scammers vanish or become hostile. What’s your take—should there be stricter regulations or greater public awareness to stop such scams? Share your views below.

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