Dubai woman loses Dh 5 lakh in ‘online business’

Dubai, Sep 1: Bogus companies are into the art of persuasion to cheat social media users who are keen to invest money in trading projects.

Gullible people fall into the net of those swindlers who lure them into trading projects that could generate plentiful returns.

In a startling case of online cheating, a woman lost over Dh500,000 she invested after receiving a message from a man through social media.

Believing his words and dreaming of becoming rich overnight, the woman began remitting him the money in installments without meeting him or even collecting any contract or papers that guarantee her rights or shares in the alleged project.

The story began when the woman got a message inviting those interested to invest their money in projects that could generate huge revenues.

When she replied and asked the sender about the details of the project, he kept spinning his wheels and won her confidence over one year in a bid to get her.

Then the woman started transferring money - which ranged between Dh10,000 and Dh280,000 - in intervals from her account to the sender's account.

However, the lady did not receive any money from the sender, and she suspected that she might have fallen victim at the hands of a fraudster.

It was then the woman approached the court in order to get her money back.

The plaintiff's attorney filed a lawsuit along with a bank statement of his client's money transfers the defendant had received.

The lawyer asked the court to appoint an expert to review the case papers and documents to specify how much the defendant owed his client.

Then the two parties reached an agreement to settle the matter through which the defendant will pay the woman the full amount she had sent him, which he admitted he had collected from her in installments.