The affected parties have urged UAE authorities to treat this as an intentional and organized crime, ensuring the culprits are held accountable
In a shocking case of fraud, an Indian-owned firm operating under the name Dynamic has reportedly defrauded businesses in the United Arab Emirates (UAE) of goods worth over 12 million Dirhams (approximately ₹29 crore), reported Khaleej Times.
The company, which had its office and warehouses in Dubai Silicon Oasis (DSO), has vanished without a trace, leaving behind empty premises and unreachable staff.
The Modus Operandi
The scammers meticulously built trust with their victims before disappearing. Initially, they made small purchases in cash and later obtained short-term credits using post-dated cheques. The goods purchased included high-value items such as iPhones, laptops, building materials, and even 15,000 towels. However, just two weeks ago, the company’s representatives disappeared, leaving behind bounced cheques and abandoned offices, as reported by the Khaleej Times.
A Pakistani businesswoman who supplied food items such as pulses, almonds, and rice recounted her ordeal, saying, “I trusted them because they paid 300,000 Dirhams upfront. Now, I have lost goods worth 800,000 Dirhams.”
Similarly, Wajeeh Shahid from MMC Global Information Technology suffered losses amounting to 267,000 Dirhams in the form of laptops and routers. “The first cheque cleared without any problem, which made them look genuine,” Shahid explained.
Links to Other Fraudulent Entities
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The victims have filed complaints at Al Barsha Police Station, highlighting the intentional nature of the scam
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Police investigations revealed that the fraudulent company Dynamic has links to other defunct entities such as Royal Luck Food Stuff and Harbine Middle East Marine Services, both of which had previously defrauded suppliers before disappearing
A Trail of Victims
Reports indicate that at least 200 businesses and consumers fell prey to this scam. The victims were targeted using seemingly credible documentation, including valid trade licenses and fabricated audit reports.
Jernaus Britto of Offsetfi Trading, who lost 78,000 Dirhams worth of laptops and network cables, stated, “They presented fake audit reports to establish credibility.”
Another victim, Mohammad, a sales representative for a Chinese company, revealed that his employer fired him after the firm lost 52,000 Dirhams worth of power tools in the deal.
A Lebanese supplier who lost high-grade hotel towels worth 180,000 Dirhams lamented, “This has shaken our confidence in new buyers.”
In some cases, victims traced their goods to a warehouse in the Sharjah Industrial Area. However, the premises’ owner claimed to have purchased the items legally, leaving the defrauded suppliers helpless.
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