UAE Investors Lose Money to Virtual Office Broker

Several UAE residents have reported losing large sums of money after transferring funds to a broker that operated from virtual offices and then cut off contact.

Red Flags Around the Broker

The company, operating under the name Skyline Trading and related entities, claimed to be a global brokerage but relied heavily on telesales agents making cold calls. Meetings were arranged in co-working spaces, where representatives presented brochures and branded materials but failed to provide a verifiable office address.

Online searches linked Skyline Trading to multiple similarly named firms, including Skyline General Trading, Skyline Markets, and Skyline Technologies Trade. Despite these overlapping identities, no clear corporate connection was established.

The broker also claimed regulation in Mauritius, but records showed multiple firms registered at the same address with no proven link to operations in the UAE.

Investor Complaints

Several investors said they were promised unusually high returns but were unable to recover their funds once payments were made:

• One resident said he lost $16,000 (Dh58,000) after being repeatedly ignored by representatives.
• Another investor reported losing $50,000 (Dh183,000), money intended for a family member’s medical treatment.
• A third investor lost nearly Dh40,000 after being pressured into risky trades. His account was blocked when he attempted to withdraw funds.

Bank records reviewed by the victims confirm their transfers were routed to Skyline Technologies Trade.

Regulatory Alert

Authorities have confirmed that the broker is not licensed in the UAE. Officials have urged investors to always verify the regulatory status of any financial platform before transferring funds, warning that unlicensed operators pose a high risk of fraud.

Legal Uncertainty

While a legal representative for Skyline has insisted the company is operating lawfully in Mauritius, clear documentation and accountability remain lacking. Many affected investors are now considering legal action, though the costs remain a barrier.

For now, residents who invested with the firm remain uncertain if they will ever recover their money.