The Indian expat borrowed money to invest after being lured by fake profit screenshots and forged certificates

Satish Gadde (name changed on request), an Indian bank consultant in Dubai, has filed a police complaint after losing Dh100,000 to an online trading scam — money he borrowed through a personal loan and is now repaying in Dh8,000 monthly instalments, more than half his salary.


The entire scam unfolded over WhatsApp chats. Gadde was added to a group and never once spoke to or met the people who tricked him.

It all began in April, when Gadde, who hails from Andhra Pradesh and earns Dh14,000 a month, was added to a WhatsApp group called Stock Market Strategy C4. The group had 137 members and was operated by admins using Indian mobile numbers.


“At first, I ignored the messages,” he recalled. “But then I started seeing members post screenshots of huge profits and deposit slips. It looked convincing.”


What Gadde didn’t realise was that the group was part of an elaborate con where scammers posed as successful investors to build credibility. “They had people pretending to be customers, constantly thanking the admin for helping them make money. I thought I was missing out.”

Eventually, he received a private message from one of the admins offering to guide him personally. Over the next few days, Gadde was encouraged to open a trading account on a platform called ArmorCapital.net.


Following the admin’s instructions, he wired Dh65,000 in two instalments to a UAE bank account. He also transferred Rs800,000 (roughly Dh35,000) from his Indian accounts to another bank account provided by the scammers.


“To be honest, I had some doubts,” he admitted. “But they sent me what looked like official documents — a company registration from India and even a certificate that claimed to be from the US Securities and Exchange Commission. That reassured me.”


These certificates later turned out to be fake.


Once the funds were deposited, Gadde’s account on the fake trading platform began showing steady profits. “There were real-time charts and graphs. I would stare at the screen for hours. It felt real.”

The illusion shattered when the so-called account manager messaged him claiming that an IPO had been purchased on his behalf — and unless he deposited another Dh620,000, his entire investment would be lost.


“That’s when I panicked,” Gadde said. “I tried calling, but no one answered. A week later, the website vanished.”


In the days that followed, he dialed several numbers from the WhatsApp group, hoping to reach someone. “Most were switched off. A few would ring, but the call would cut the moment I brought up my case,” he said. “It was clear they wanted nothing to do with me once the money was gone.”


Attempts by Khaleej Times to reach the numbers linked to the group and access ArmorCapital.net were met with dead ends.


A domain search revealed that the registrant details were redacted for privacy.


“My life’s been turned upside down,” he said who filed a complaint with Al Riffa Police station last month . “I shared my story so others don’t fall into the same trap. If something sounds too good to be true, it probably is.”


In recent months, Khaleej Times has uncovered several fraudulent trading platforms promoted via call centres in India and the UAE. These scams follow a familiar script — build trust, show fake profits, then block withdrawals once larger sums are invested.


Earlier this month, the UAE Ministry of Interior issued a public alert on X, urging residents to verify the licensing status of trading platforms through the Securities and Commodities Authority (SCA) before investing.