Worried UAE investors seek answers from UK asset firm under fraud investigation
A Dubai-based Indian investor told Khaleej Times he is part of a group of 10 individuals in the UAE who have stopped receiving payouts from the Seventy Ninth Group in recent weeks and are now exploring legal options.
'All of us received an email saying payments are being paused, but there is no clarity on how long this will last,' said the man, who claimed to have invested over Dh800,000. 'We are planning to take legal action to get our money back.'
The Seventy Ninth Group, which entered the UAE market in 2022, is being investigated by the City of London Police in what authorities have called a 'suspected widespread fraud case' involving high-return investments tied to property-secured loan notes. The UK police said four people had been arrested and valuables, including cash and luxury items, were seized during raids at multiple locations in Merseyside last month.
In a fresh statement sent to Khaleej Times on Wednesday, the Seventy Ninth Group said it had stopped accepting new funds through loan notes and had asked for a moratorium on payments to existing clients as it works with 'leading experts' to restructure the business.
'It is our strong intention to complete these projects,' the company said. 'We appreciate that this is a deeply unsettling time for both our colleagues and clients… These steps have been taken to ensure that the business survives and looks to deliver on its obligations.'
But that has done little to reassure some investors in the UAE.
RK, another investor who contacted Khaleej Times, said he was 'trapped in the crisis' and unable to get a clear response from the company's local office in Dubai. 'They just brush off the matter saying they are only a marketing agency and ask me to contact the UK office, which never responds.'
It is unclear how many UAE investors have been affected or the total amount of money at stake. But the case has reignited concerns about investor protection when it comes to cross-border financial products marketed in the UAE.
The Seventy Ninth Group had earlier denied any wrongdoing and said it was cooperating with investigators and had appointed independent forensic accountants for a comprehensive business review.
The City of London Police has urged anyone who has been contacted by the group about investments to file a report through the Major Incident Public Portal as investigations continue. The four individuals arrested have been released on bail.
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