An Indian businessman in Dubai, Mirza Iliaz Baig, was left shocked and devastated after all four of his business ventures were scammed by serial scammers, resulting in total losses of over Dh1.8 million. The businesses that were affected include Iveond Consultancy, IRA Travel and Tourism, and a general trading company in foodstuff and building materials. Baig claimed that five fraudulent companies hit his businesses simultaneously, leading to substantial losses for each of his ventures.
The fraudulent companies – Digital Genius Technologies, Daemo International, Noor Al Sidra Trading, Fair Words Goods Trading, and Wahat Al Rayan Trading – utilized a common method of purchasing goods and services with post-dated cheques that eventually bounced, leaving behind numerous other complainants. Baig expressed his devastation and uncertainty about how to recover from the losses incurred by all his businesses in various sectors.
The scam began when Digital Genius Technologies approached IRA Travel and Tourism to book flight tickets and hotels worth Dh319,000, providing post-dated cheques with a credit period of 30 to 45 days for each cheque. Four other companies also utilized services from IRA Travel and Tourism for various travel bookings, but most of the post-dated cheques they received bounced, leaving Baig with significant financial losses and a bleak outlook for his businesses.
Many other companies also fell victim to similar scams, with Max Clove Technologies abruptly shutting down its offices and warehouse, disappearing with goods estimated to be valued at over Dh40 million. Businesses like Asbis, Acube Infotech, Bright Apollo Technology, Wbio Computer, Advance Reader Technology, and NAS Electronics reported losses after dealing with Max Clove Technologies, further highlighting the magnitude of the scam and its impact on the business community in Dubai.
The affected businessmen have filed police complaints and are considering the future of their businesses in light of the financial losses incurred. With many others in the same situation, the community of scam victims is growing, and the need for accountability and protection against fraudulent activities is more pressing than ever. As the investigations continue, businesses in Dubai are urged to exercise caution and vigilance when dealing with unfamiliar companies to avoid falling prey to similar scams and financial setbacks. The impact of these fraudulent activities is not only financial but also emotional and psychological, leaving many business owners devastated and uncertain about their future prospects.
