Fake company website created under UAE billionaire's name

This fraudulent website is deceptively presenting itself as an investment firm. Alamy Image

Dubai - This matter has been reported to the authorities concerned in the UAE and abroad.

By Waheed Abbas

Published: Sun 31 Dec 2017, 7:00 PM

Last updated: Mon 1 Jan 2018, 3:51 PM

A fake website of an investment company has been created under the name of a UAE-based billionaire Hussain Sajwani, the Chairman of Damac Properties, and the UAE residents have been asked to treat it as a fraudulent attempt to misguide the investors.
Sajwani said in a tweet that this matter has been reported to the authorities concerned in the UAE and abroad and any company or person dealing with this entity is doing so at their own risk.
"This fraudulent website is deceptively presenting itself as an investment firm owned and managed by Mr Hussain Sajwani. This claim is false and the website's reference to Mr Hussain Sajwani should be treated as a fraudulent attempt to mislead investors," the UAE billionaire tweeted from his official Twitter handle @hussainsajwani on Sunday.

WARNING: FRAUDULENT WEBSITE pic.twitter.com/kX7QZZatAK
- Hussain Sajwani (@HussainSajwani) December 31, 2017

Damac chairman has been ranked among the world's 500 richest people. According to Bloomberg's latest rank released last week, Hussain Sajwani was ranked third in the UAE with a net worth of $4.96 billion and ranked 385^th globally.
Apart from Damac Properties, Sajwani owns Nine Elms Property Ltd, Dico Investments Co. LLc, Al Anwar Ceramic Tiles Co., Al Amana Building Materials and Al Jazeira Services Company SAOG.
Sajwani tweeted that this "website has been reported to the proper authorities internationally and in the UAE including Dubai Police.
"Any individual or organization conducting business with this firm through its website is doing so at their own risk," reads the tweet.
waheedabbas@khaleejtimes.com