A Dubai civil court has ordered two women to pay Dh700,000 in compensation after they were found guilty of operating a sophisticated online trading scam. The victim, who lost his life savings, was targeted by individuals posing as representatives of a legitimate investment firm specializing in gold, oil, and global market indices. To build credibility, the fraudsters provided the investor with fabricated licensing documents, successfully convincing him to transfer over Dh600,000 in multiple installments between May and August of last year.

The deception came to light when the victim realized the trading platform was entirely fictitious and lacked the necessary authorization to conduct financial business. After the victim reported the incident to the Dubai Police, investigators traced the stolen funds back to the defendants, who were subsequently convicted in criminal court. Despite one defendant claiming she was unaware of the nature of the transactions, the court concluded that the victim had been systematically defrauded. The ruling mandates that the women compensate the victim for his substantial financial losses, as well as the emotional distress caused by the scam, which forced him to sell his personal assets and borrow money to survive.