Salik Warns Against Investment Scam, Refutes False Income Claims

Dubai’s toll gate operator, Salik, has issued a warning against a scam falsely claiming that investing in its shares can generate an estimated monthly income of Dh35,600. The Dubai-listed company dismissed these claims as fraudulent and urged customers to seek information only through its official channels.

The scam involves a fake website featuring a photo of Salik’s Chief Executive Officer, Ibrahim Al Haddad, misleadingly stating that he has secured an agreement with the government to allow citizens to invest in Salik shares through a new trading platform. The site falsely claims that individuals can earn $9,700 (approximately Dh35,600) monthly by investing as little as $250 (approximately Dh917) in Salik shares.

READ:Growing Demand for Golden Visas Boosts UAE Bank Deposits

Salik clarified that its shares are traded on the Dubai Financial Market in UAE dirhams, not dollars as the fraudulent website suggests. On the last trading session, Salik’s shares closed at Dh3.380 per share, marking an increase of 0.595 percent. The company is highly sought after due to its business model, which requires low capital expenditures.

In its statement, Salik advised customers and potential investors to be wary of fraudulent websites, emails, and social media scams misusing the company’s name. The company highlighted a recent increase in phishing messages promising false investment opportunities and sharing unsafe links for recharging accounts and purchasing tags.

READ:Rain Relief Expected in the UAE: Forecast Predicts Showers Over the Coming Days

Salik strongly recommended avoiding suspicious links or pop-up ads and instead visiting its official website and communication channels for accurate information and security updates. The company emphasized the importance of verifying the legitimacy of investment opportunities and warned against sharing personal information on dubious platforms.

Additionally, Salik has recently updated its terms and conditions for motorists, introducing a maximum fine of Dh10,000 per vehicle annually for violations. The new terms specify that the maximum aggregate amount of fines related to the Salik tolling system per vehicle cannot exceed Dh10,000 within a calendar year, from January 1 to December 31.

By issuing this warning, Salik aims to protect its customers and investors from falling victim to fraudulent schemes and to maintain the integrity and security of its operations.