UAE: Expat loses Dh1.8 million in scams targeting all four businesses

Asma Ahmed - | UAE

Several companies, including Digital Genius Technologies, Daemo International, Noor Al Sidra Trading, Fair Words Goods Trading, and Wahat Al Rayan Trading, have disappeared after defrauding multiple victims through bounced post-dated cheques.

The Rise of Scam Businesses

Digital Genius Technologies, Daemo International, Fair Words Goods Trading, Noor Al Sidra Trading, and Wahat Al Rayan Trading are among the many deceitful businesses that have vanished, leaving behind a trail of victims. Victims suffered substantial financial losses as a result of these businesses' widespread practice of paying for goods and services with post-dated checks that bounced.

With the words "I'm devastated," one victim, Mirza Iliaz Baig, conveyed his anguish over the situation. It's unbelievable. All four of my firms, which operate in various industries, were victims of fraud. I am at a lost as to how to overcome these setbacks. The problems started for Baig when Digital Genius Technologies contacted IRA Travel and Tourism, his business, to arrange for hotel rooms and flights totaling Dh319,000.

At first, Baig thought business was booming since Digital Genius offered credit periods of 30 to 45 days for each check, with post-dated checks for the 15th, 30th, or 31st. Baig felt better about his situation once they gave him a security check for Dh200,000.

Four additional businesses used IRA Travel and Tourism's services throughout this time as well. The travel agency fulfilled 139 orders, according to documents. Among these orders were plane tickets to places including London, Toronto, Los Angeles, Istanbul, Kolkata, and Kuala Lumpur. Desert safaris, Atlantis Aquaventure, and trips to the Burj Khalifa were among the opulent hotel stays and activities that were part of the reservations.

The enterprises owned by Baig were put through a great deal of financial hardship when only one of the post-dated checks that were received—worth Dh92,979—was actually fulfilled.

According to Baig, four out of the five shady companies went after more than one of his companies. Since they both approached his businesses within days of one other and subsequently disappeared at the same time, he sensed a connection between them. Their synchronous approach and disappearance within a few days leads me to believe they were connected. According to him, it appeared as though they were cooperating.

Numerous Acquisitions and Decreases

Based out of Dubai's Al Nahda, Digital Genius was Baig's largest creditor. About Dh772,800 worth of assets were acquired by the corporation, which includes 40 digital cameras, 100 tablets, 200 AirPods, 20 projectors, 100 routers, and 30 MacBooks, in addition to Dh265,000 in outstanding travel and hotel bills. The company's warehouse received all of these items.

Multiple invoices and checks from these bogus transactions have been left for Baig and his team, revealing the full scope of the crime. In addition to Baig, many other complainants have also been hit hard by the disappearance of these companies, and they are still trying to get back on their feet financially after this coordinated scheme.

This incident emphasizes the need for rigorous verification procedures to avoid post-dated check scams and the dangers of using such funds. The necessity for stronger protections against financial fraud is becoming more evident as Baig and others attempt to deal with the fallout.

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Asma Ahmed
Asma Ahmed
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