‘Bitcoin of the Middle East’ Scam Lands Canadian Expat in Dubai Jail

A Dubai based Canadian expat has been arrested recently for running a fraudulent “Sharia-compliant” cryptocurrency and other get-rich-quick schemes.

On Oct 30 Gulf News reported that Aziz “Com” Mirza the convict has put himself into an image of an entrepreneur, mentor and Instagram influencer.

He is jailed after a complaint was filed by the Dubai Police by a UAE resident who was allergy defrauded of $150,000 in one of Com’s schemes.

“Bitcoin of the Middle East”

Aziz targeted global audiences including retailers form the United States, United Kingdom, Canada, and Greece. His fraudulent scheme dubbed as Leverage Programme (LP) promises investors of “financial freedom” within a year. Com is thought to have raised £4 million ($5.18 million).

“Habibi coin” cryptocurrency now worthless was billed as the “Bitcoin of the Middle East”.

The investors funds across the globe were wired to a bank account of a Dubai based company owned by one of Com Mirza’s brothers, with huge amounts allegedly used to pay for personal expenses.

Another one of his brothers Rafaqat “Rocky” Mirza, used a U.K.-based online platform Muslim Entrepreneur Network (MEN) in promoting their fraudulent schemes, spanning cryptocurrency, real estate, and education.

One of the schemes encouraged MEN users to invest a minimum of £5,000 ($6,480)— at least 1,500 are cited as having signed up to the alleged scam.

No whereabouts on Habibi Coin

Several of Habibi coin investors had lost investments ranging from $1,500 to £14,000 ($18,150).

Greece-based Ippokratis Boboras told Gulf news she had invested $10,000 in Habibi Coin back in 2018:

“I was familiar with Com Mirza through the internet marketing community where he was considered an authority. I had personal chats with him via Facebook and I sent money to his personal Paypal account,”

U.K. resident Mohammad Shareef reportedly lost £2000 ($2,590) in the Habibi scheme, underscoring that he had held off from investing until he met Com at his office in Dubai in person:

“We spoke for an hour. It wasn’t until this year that things started going down. Com’s Instagram posts are now all about food and gym. It’s been a sad experience for us. Until today there’s been no official word about what has happened with Habibi Coin.”

Source: cointelegraph.com | gulfnews.com | Image: Shutterstock

#regulations #cryptocoin #Dubai #middleeast #canada #Bitcoin

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