In a coordinated and deceptive scheme, Indian call centres are targeting United Arab Emirates (UAE) residents with fraudulent forex investment offers disguised as legitimate financial opportunities.
A recent investigation by Khaleej Times has revealed that fraudulent operations based in cities such as Noida and Jaipur are posing as Dubai-based financial firms. These call centres use technology to disguise their origin, making it appear as though calls are coming from UAE phone numbers. Through well-rehearsed sales scripts, callers persuade individuals to transfer funds, often with promises of high returns.
According to former employees cited in the report, agents are trained to build credibility quickly, including fabricating office addresses in Dubai and using persuasive rebuttals to overcome objections. One ex-employee stated that she had never been to the UAE but regularly told clients she was calling from Dubai as part of her role.
The platforms being promoted often list overseas addresses, particularly in Saint Lucia, and use masked domain registrations to hide ownership.
“Multiple trading platforms using the same offshore address, proxy domain registrations, and shared infrastructure suggest a coordinated operation,” Obaidullah Kazmi, founder and CTO of cybersecurity firm CREDO, told Khaleej Times.
Similar patterns seen in other cases
The approach revealed in the UAE mirrors cases previously reported in India. In one incident, a textile business owner in Surat lost approximately Rs 43.8 lakh to a scheme that also involved persistent cold calls and a deceptive trading interface. Only a small portion of the funds was later recovered.
Likewise, Mumbai Police recently shut down a fake forex advisory call centre operating in the city’s Chunabhatti area. The operation had been accused of using nearly identical methods — including aggressive sales tactics and unregulated platforms — to target Indian residents.
These schemes often rely on a B-book model, where the platform takes the opposite position of the trader, profiting when the client loses. Early gains are frequently fabricated to build trust, after which withdrawals are restricted, accounts are locked, and the caller becomes unreachable.
