Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – Authorities are continuing investigation over a Dh440-million investment scam that victimized hundreds of UAE residents, including airline crew members.
Emirates Airline victims have spoken to media about how the UTM Online Services LTD scammed them of up to Dh500,000.
A report on The National quoted a Serbian crew member as saying that he lost dollars equivalent to more than Dh477,000 after the investment firm closed “without warning”.
Another Serbian airline staff lost $100,000 of his life savings to the scam after he was enticed by talk from colleagues of big earnings.
In November, investigators of multinational firm KPMG were in Dubai to talk with victims as part of investigations ordered by the London High Court. UTM Online Services operated in the UK and Bulgaria, with majority of investors from the UAE.
According to victims, they were promised five percent returns on investments of at least $10,000. Hundreds of victims were based in Dubai, according to KPMG.
An official at KPMG said that victims may have to wait years to recover their money, but that the firm is looking at legal actions in the UK and other countries to speed up the process. ICA/Expat Media
International Humanitarian City signs deal to give UAE students insight into humanitarian work
Top Dubai events you shouldn’t miss in 2020
Palawan named one of World’s Most Instagrammable Places in 2020
UAE’s ‘largest’ walkathon to empower people with arthritis
5 modern-day lessons from UAE debut of The Little Prince
Coronavirus screening for Dubai airport passengers
Dubai model sues TV presenter for Dh1.4 million
World’s largest Ferris wheel to open in Dubai in 2020
Ras Al Khaimah minibus crash kills 1, injures 10
Sharjah-Ajman police chase: Emirati motorist jailed