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Al Khalifa Group helping people overcome financial fraud in the Middle East

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Financial scams are on the rise with financial investment fraud being reported more often in Middle Eastern countries according to the latest research by Al Khalifa Group – the Middle East’s premier legal firm. This is due to an increase in the number of people owning credit cards, debit cards, or online banking accounts with more access to online investment schemes and financial products.

As a result, for criminals it has become easier to get more money from their victims who are keen investors, but have fallen for complex, online investment schemes. Scammers are offering new investment opportunities and targeting those who want to make some quick money, but often operate shell companies and defraud their victims.

The Middle East is an emerging market with a growing number of wealthy citizens. This has led to an increase in the number of financial scams and finance investment fraud hitting the region. The scam artists target people who are searching for new investment opportunities, promising high returns or guaranteeing an amazingly low risk.

Investment fraud is a type of financial crime that falls into three categories:

  • Ponzi schemes
  • Pyramid schemes
  • High yield investment frauds (HYIP)

Junior Partner Imran Ahmad noted that a prior case in Belgium involving online thieves disguised as Arabian Gulf officials convinced an unsuspecting investor to hand over large sums of money.

Amal Mohamed from the UAE was one such victim of financial fraud: “I was scammed out of a significant amount of money after having high hopes of making a return on my investment, and I had contacted and worked with a lot of companies before. The amount was significant, amounting to approximately $500,000.00 that I had lost.”

Having found no luck in pursuing his lost investment, and after contacting local lawyers, Mohamed was increasingly despairing his situation. Like many investors alike, he’s one of the few examples of how financial fraud can impact people. However, thanks to Al Khalifa Group, he has been able to recover his money following strong legal remedies taken by the firm on his behalf.

“I received a message from the Khalifa Office from Belgium, and an attorney called Omar Abou El Hassan spoke to me and I sent everything to him regarding my investment fraud case. I want to praise him for helping me recover all my funds. I gave up hope, but Khalifa office provided me with a new start. All thanks to them. I recommend them and say my heartfelt thanks to everyone at Al Khalifa Group!”

Financial fraud has become an everyday occurrence in the Middle East. This type of fraud has caused people to lose their savings, lose their jobs, and even lose their homes.

A recent report by Arab Financial Services Organization (AFSO) and Dubai Police revealed shocking statistics. It showed that financial crimes cost the region’s economy $6 billion annually, while people lost $1 billion from these schemes in 2017 alone.

Have you been affected by financial fraud?

In partnership with Al Khalifa Group