For many investors in the UAE, the Dizabo Superapp initially appeared to be a promising venture. With enticing promises of returns up to 80% within just six months, it attracted a significant number of participants. Launched in September 2021, Dizabo marketed itself as the region’s first super app, designed to revolutionize e-commerce by linking thousands of vendors with millions of customers across 22 product categories. However, this vision has since collapsed, leaving investors with shattered dreams and financial losses.
As the reality of Dizabo’s operations unfolded, it became clear that the company’s promises were empty. Investors found themselves facing frozen assets and closed bank accounts as the Department of Economy and Tourism intervened. The founder, Abdul Afthab Pallikkal, now faces multiple legal issues in Dubai Courts, stemming from allegations of bounced checks and unfulfilled commitments. Despite his claims of striving for an advanced shopping experience, the narrative from investors paints a grim picture of deceit and financial ruin.
Dizabo’s investment model lured individuals with the prospect of leasing delivery vehicles for substantial returns. For an initial investment of Dh43,000, investors were promised significant profits through leasing arrangements backed by post-dated checks. However, by 2023, payments ceased unexpectedly, leading to a wave of discontent among investors who had once believed in the company’s potential. Many took to social media and formed groups to share their experiences and seek justice.
The fallout from Dizabo’s collapse has been devastating for many involved. Investors from various nationalities reported losses ranging from Dh68,000 to over Dh2 million. The emotional toll is evident as individuals recount struggles with mounting debts and personal crises triggered by their investments. Stories of financial strain leading to job loss, health issues, and family disruptions are common among those affected.
Despite the ongoing legal troubles and negative reviews on app stores, Dizabo continues to market itself in various cities worldwide. This raises questions about its operations beyond the UAE and whether similar issues may arise elsewhere. As investigations continue and victims seek accountability, the Dizabo saga serves as a cautionary tale about the risks associated with high-return investment schemes.
