Funds collected from victims are funneled into shell companies posing as legitimate businesses, making it difficult for clients to recover their money.

Proxy ownership is common within the scam, with operators hiding behind layers of shell companies and figurehead owners to evade accountability.

Victims report losses totaling millions of dollars, prompting many to seek help from police and courts after being defrauded.

New entities like Grow Plus Markets are emerging, operating without regulation and further misleading investors.

Victims have shared stories of manipulation and threats from call center agents after attempting to recover their funds.

A recent investigation by Khaleej Times has uncovered a high-stakes online trading scam in the UAE, involving fraudulent call centers and fake trading platforms.

The syndicate operates under various names, including Sigma-One Capital, DuttFx, and EVM Prime, leaving hundreds of investors with significant financial losses.

At least seven call centers in Dubai are confirmed as part of the scam, employing hundreds of agents who target residents with promises of high returns.

These call centers, staffed with 50 to 200 agents each, are instructed to avoid local residents to minimize risks and maintain their operations.

Agents work under strict quotas to convince individuals to invest a minimum amount, often in cash, with incentives for quick closures on deals.

Experts warn that many unregulated trading platforms continue to operate in the UAE, posing significant risks to investors seeking high returns with minimal risk.

The scam utilizes a deceptive brokerage model known as the B-book system, allowing brokers to profit by betting against their clients and manipulating trades.