A Dubai resident fell victim to a gold mining investment scam after joining an online platform called Missoma via WhatsApp. Mehdi Asgari, 45, initially deposited Dh5,000 to complete small “mining tasks.” The platform showed fake profits after each task, encouraging him to invest more.
Over time, Asgari transferred Dh703,000 to multiple bank accounts across the UAE. The scammers promised extra features and higher returns, but these never appeared. Instead, the so-called “mining” was a ruse to get victims to deposit more money.
When Asgari tried to withdraw his funds, the platform demanded additional “activation fees” and “high-value orders.” This is when he realized he was trapped. Despite filing complaints with Dubai Police’s e-crime unit, the UAE Central Bank, and other authorities, he has yet to see any resolution.
Experts say this gold mining investment scam follows a common pattern. Fraudsters lure victims with fake dashboards displaying fabricated profits. They build trust slowly while pressuring victims to keep depositing. Once victims try to cash out, scammers create new hurdles until they disappear.
According to a 2024 UAE Cybersecurity Council report, over half the UAE population faces scam attempts monthly. WhatsApp tops the list as the main tool scammers use to approach victims.
Financial coach Carol Glynn warns that fake investment platforms are becoming more sophisticated. She advises caution with platforms lacking regulatory details or promising high, risk-free returns.
Lawyer Abdullah Ishnaneh says victims should keep detailed evidence and follow up with police regularly. Authorities rely on clear proof to investigate and prosecute cybercrime under UAE laws.
To avoid falling prey, experts suggest using only licensed platforms verified by authorities such as the Dubai Financial Services Authority or ADGM. They also warn against investing based solely on social media recommendations.
If scammed, victims should report to police cybercrime units immediately and notify their banks to freeze recent transactions. Sharing evidence like screenshots and transaction records improves chances of recovery.
In summary, the gold mining investment scam highlights the need for vigilance. Fake profits and constant pressure to deposit are red flags. Always verify before investing to protect your money.
