Dubai resident succumbs to gold mining fraud, parting ways with AED 700,000
In a startling revelation, the UAE Cybersecurity Council's 2024 State of Scams report has revealed that over fifty-six percent of the UAE population faces scam attempts at least once a month. One such victim is Mehdi Asgari, an Iranian living in Dubai, who lost approximately Dh700,000 ($190,000) to an online investment scam.
Asgari's ordeal began when he was invited to join an online investment platform for gold mining called Missoma, through social media. The platform showed small "profits" being added to his account balance after each task, which were used to encourage him to deposit larger amounts over time. However, when he attempted to withdraw his funds, he was asked to pay additional "fees" or required to complete more high-value orders, effectively trapping his money.
The common tactics used by online investment scammers, as illustrated by Asgari's case, include initial approaches through social media or messaging apps like WhatsApp, the creation of fake platforms that show false profits, pressure to invest more, withdrawal roadblocks, and the eventual disappearance of the scammers after extracting funds.
These methods typify online investment scams currently prevalent in the UAE. Research by Kaspersky has shown that users in the Middle East hit by mobile financial threats increased by 146% in 2024 and an additional 43% in the first quarter of 2025. The high prices of gold and the subsequent push towards high-yield alternatives create fertile ground for fraudsters, who have a vast target pool due to near-universal smartphone and digital wallet adoption in the UAE.
To avoid falling victim to financial scams, Asgari advises to be cautious of investment opportunities marketed through WhatsApp, Telegram, or social media with no professional or regulatory backing. He also recommends avoiding platforms that ask for repeated deposits without allowing any withdrawals and those that don't clearly outline their terms and conditions, charges, insurance, and process for withdrawal.
The Telecommunications Regulatory Authority can help prevent a scam site from operating or targeting others in the UAE. If you find yourself a victim of a financial scam, it is crucial to report it to Dubai Police’s e-crimes unit, the Criminal Investigation Department, and the UAE Central Bank, as Asgari did, despite not yet receiving a resolution at the time of reporting.
[1] UAE Cybersecurity Council's 2024 State of Scams report [2] Personal interview with Mehdi Asgari
- The UAE Cybersecurity Council's 2024 State of Scams report unveiled that over fifty-six percent of the UAE population encounters scam attempts at least monthly.
- One such victim, Mehdi Asgari, an Iranian residing in Dubai, lost approximately Dh700,000 ($190,000) to an online investment scam.
- In the Middle East, mobile financial threats increased by 146% in 2024 and an additional 43% in Q1 2025, according to research by Kaspersky.
- To evade financial scams, Asgari advises being wary of investment offers transmitted through WhatsApp, Telegram, or social media lacking professional or regulatory endorsement.
- The Telecommunications Regulatory Authority can potentially prevent a scam site from operating or targeting others in the UAE.
- If you fall victim to a financial scam, it's essential to report it to Dubai Police’s e-crimes unit, the Criminal Investigation Department, and the UAE Central Bank, as Asgari did, despite not yet receiving a resolution at the time of reporting.
