An online investment scam has targeted an Iranian resident in Dubai, resulting in a loss of Dh703,000. Mehdi Asgari, a 45-year-old analytical chemist, joined an online platform called Missoma through WhatsApp in January. The platform claimed to offer gold mining investment opportunities.
The platform initially asked Asgari to complete small “mining tasks” by clicking on buttons. He deposited Dh5,000 to start these tasks, and the platform showed small “profits” added to his account after each step. These fake profits encouraged him to deposit more money over time.
The platform repeatedly pressured Asgari to deposit larger sums to unlock new features that never appeared. In total, he transferred Dh703,000 to various bank accounts in the UAE. Asgari later realized there was no real mining involved. Scammers fabricated the so-called profits to give the illusion of gains.
When he tried to withdraw funds, the platform demanded more money for “activation fees” and “high-value orders.” This was a clear sign his money was trapped. Despite reporting the scam to Dubai Police’s e-crimes unit, the Criminal Investigation Department, and the UAE Central Bank, Asgari has not seen any resolution.
Experts warn that online investment scams often use fake dashboards to show false profits. They gradually push victims to deposit more money and disappear once victims try to cash out. Navin Gupta, CEO of Crystal Intelligence, advises caution when platforms demand extra fees or use urgent pressure tactics.
Carol Glynn, founder of Conscious Finance Coaching, notes that scam platforms increasingly use sophisticated tactics. She advises investors to watch for vague company details, promises of high returns with no risk, and pressure to act fast.
Legally, victims should report fraud to police cybercrime units and gather all communications and transaction records. Abdullah Ishnaneh, a legal expert, stresses the importance of submitting well-organized evidence to improve investigation chances.
Cybersecurity researcher Maher Yamout urges users to avoid platforms promising fixed daily returns unless they provide verifiable licenses. He highlights a 146% rise in mobile financial threats in the Middle East in 2024, partly due to growing interest in gold investments.
To protect yourself, always verify if an investment platform is licensed by trusted regulators such as DFSA or ADGM. Avoid offers pushed via WhatsApp or social media, especially if they lack clear terms or proper customer support.
If you suspect an online investment scam, stop all transactions immediately. Report the case to authorities and warn others to prevent further harm.
