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A Dubai-based businessman named Mirza Iliaz Baig lost more than AED1. 8 million in a matter of days after falling victim to serial fraudsters.
As it became known, Mr. Baig is the managing director of Iveond Consultancy, IRA Travel and Tourism, and IRA General Trading and Foodstuff, specializing in the supply of food and construction materials.
According to the victim, Iveond Consultancy, which supplies laptops, LED TVs and hard drives, suffered the most significant losses in the amount of 958.97 thousand dirhams. IRA Travel and Tourism was defrauded of 648,000 dirhams, while IRA General Trading and Foodstuff lost 200,000 dirhams.
Fraudulent companies-Digital Genius Technologies, Daemo International, Noor Al Sidra Trading, Fair Words Goods Trading and Wahat Al Rayan Trading-used the same method of deception-they bought goods and services using postpaid checks, which turned out to be invalid.
"I'm completely devastated," Mr. Baig said, " It's kind of surreal. I have four businesses in different industries, and they were all deceived by the same scheme. I do not know how to recover from these losses."
Four of the five fraudulent firms targeted Mr. Baig's companies. "I suspect that they were connected, because they came to us almost simultaneously for several days, and disappeared together, too. It looks like they worked together."
Mr. Baig has filed a police report and is now considering the future of his business. "This is a big financial blow. I may have to close one of my businesses," he said.
Another affected businessman, who supplied cashew nuts to Noor Al Sidra Trading, also reported losses of 110 thousand dirhams.
As it became known, Mr. Baig is the managing director of Iveond Consultancy, IRA Travel and Tourism, and IRA General Trading and Foodstuff, specializing in the supply of food and construction materials.
According to the victim, Iveond Consultancy, which supplies laptops, LED TVs and hard drives, suffered the most significant losses in the amount of 958.97 thousand dirhams. IRA Travel and Tourism was defrauded of 648,000 dirhams, while IRA General Trading and Foodstuff lost 200,000 dirhams.
Fraudulent companies-Digital Genius Technologies, Daemo International, Noor Al Sidra Trading, Fair Words Goods Trading and Wahat Al Rayan Trading-used the same method of deception-they bought goods and services using postpaid checks, which turned out to be invalid.
"I'm completely devastated," Mr. Baig said, " It's kind of surreal. I have four businesses in different industries, and they were all deceived by the same scheme. I do not know how to recover from these losses."
Four of the five fraudulent firms targeted Mr. Baig's companies. "I suspect that they were connected, because they came to us almost simultaneously for several days, and disappeared together, too. It looks like they worked together."
Mr. Baig has filed a police report and is now considering the future of his business. "This is a big financial blow. I may have to close one of my businesses," he said.
Another affected businessman, who supplied cashew nuts to Noor Al Sidra Trading, also reported losses of 110 thousand dirhams.
