India’s scam call centers are now targeting UAE residents. These groups, once focused only on Western pensioners, have shifted to a more profitable market. They pose as Dubai-based forex firms using fake +971 phone numbers and slick scripts to trick investors.
How the Scam Works
- Fake phone numbers
- The calls use software that makes the number look like it’s from Dubai, using the UAE code +971.
- When people in the UAE see this, they are more likely to pick up the phone.
- Professional scripts and friendly tone
- Sales agents use detailed scripts to answer common concerns like “Where did you get my number?” or “Can I visit your office?”
- They promise guaranteed profits, comparing trading to buying property: “Would you sell at a loss?”
- High-pressure tactics
- They tell people “Quick! This deal won’t last!” to push them into transferring money fast.
- Victims sometimes send large sums—one person lost $25,000 (Dh91,825)—before being blocked.
Targeting UAE Investors
- Former employees from Noida and Jaipur reveal these centers operate 8 am–11 pm, making up to 150 calls per day per agent.
- They use real names and numbers, making the pitch more personal and convincing.
Fake Offices and Fake Firms
- Victims asking to see an office are given fake Dubai addresses. No one ever visits—there’s nothing to see.
- These call centers promote multiple fake firms like Algo Global International, F1 Capitals Markets, and Oscar Markets.
- The same offshore addresses in Saint Lucia and fake domain registrations show a coordinated scam network.
The Scam in Action
- Fake dashboard
- After deposit, victims see a fake online account showing rising profits.
- Often they borrow money or max out credit cards to invest more.
- Losses and locked accounts
- Once the money hits a certain level, the scammers freeze withdrawals, stop communication, and vanish.
- Victims are left with nothing.
Some Known Victims
- AK lost Dh150,000.
- SJ lost $232,000.
- A Keralite expat lost Dh500,000 meant for his child’s education.
- Imran Moghul lost Dh140,000.
- Mohammad Bilal Saeed lost $50,000 and has filed a police complaint.
What UAE Authorities Say
- The UAE’s Ministry of Interior issued an alert on X (formerly Twitter), warning residents to check if platforms are licensed with the Securities and Commodities Authority (SCA) before investing.
- Always verify the broker’s license and check on the SCA website.
- Be suspicious of unsolicited calls offering “can’t miss” investment opportunities.
- Don’t transfer money quickly—always take time to review and research.
- Ask for proof of a real office, in-person visits, and verifiable credentials.
The Bigger Picture
- This is part of a global trend: in 2022, Americans lost over $10 billion in investment scams tied to Indian call centers.
- These operations once focused on the U.S. and Europe but are now “widening their net” to the Gulf region, exploiting foreign regulatory gaps and digital loopholes.
Breaking News: UAE residents must stay alert as fraudsters shift focus. These scammers appear polished but are built on lies.
Daily news highlights will keep tracking this growing threat. Stay informed—and always verify before you invest!
