Dubai Halal Investment Platform Dupes at Least 20 Belgians
At least 20 Belgians have been defrauded by Validus, a Dubai-based investment platform that marketed itself as a Sharia-compliant “halal” investment opportunity, according to an investigation by VRT NWS. Victims report losing thousands of euros in what authorities are investigating as a sophisticated Ponzi scheme that specifically targeted Belgian Muslims of Moroccan descent.
The Scam
Validus, registered in the United Arab Emirates, promised investors returns of up to 300% over 60 weeks through investments in real estate, cryptocurrency, and foreign currency trading. The platform offered investment packages ranging from €50 to €10,000 and operated as a multi-level marketing (MLM) structure, incentivizing members to recruit new investors in exchange for commissions, bonuses, and luxury gifts including Rolex watches and Lamborghinis.
Belgium’s Financial Services and Markets Authority (FSMA) first warned against Validus on December 14, 2022, flagging concerns about the quality of its training courses, its MLM structure, and the fact that certain forex instruments it promoted are illegal in Belgium.
Targeting the Halal Investor
The scheme’s distinctive feature was its targeting of Muslims seeking Sharia-compliant investments. Islamic finance prohibits interest (riba), investment in forbidden industries such as alcohol and tobacco, and excessive uncertainty (gharar). By marketing itself as “halal,” Validus exploited religious trust within the Moroccan-Belgian community.
“The most important argument was that we could invest according to Sharia,” said Samir, an anonymous victim who invested approximately €4,500 after discovering Validus through a cousin in 2022. “It was notable that mainly people of Moroccan descent came to the Validus presentations.”
The OneCoin Connection
Investigators have linked Validus to former operators of OneCoin, one of the largest cryptocurrency Ponzi schemes in history. The platform was founded by Parwiz Daud and Mansour Tawafi, both originally from the United Kingdom, who fled to Dubai after OneCoin’s collapse. According to BehindMLM, an independent MLM investigation platform, Validus’ forex training was a front for its Ponzi scheme.
In 2021, Validus acquired AuLives, a previously collapsed Ponzi scheme, gaining access to its database of investors — a ready-made pool of potential victims.
Collapse and Aftermath
In April 2023, Validus disabled withdrawals, informing investors via Telegram that the suspension was due to “back office upgrades.” A promised resumption date of May 16 passed without action, and the scheme collapsed.
Since then, the founders have split into two new projects: Mansour Tawafi launched ODECENT, and Dr. Parwiz Daud launched DeFily. Both are rebranded versions of the same Ponzi scheme, according to OSINT investigator Danny de Hek.
Legal Action
The Brussels Public Prosecutor’s Office is investigating. Authorities have conducted 10 house searches, arrested 8 suspects who were released under conditions, and issued one international arrest warrant for a ringleader who remains at large.
“This type of fraud remains active; we are trying to curb it,” said Laura Demullier, spokesperson for the Brussels Public Prosecutor’s Office. She warned that similar fraudulent platforms, including ODECENT and MyMining, continue to operate.
Broader Implications
The scam highlights how fraudsters exploit jurisdictional gaps between Dubai, Belgium, and the UK. The Dubai International Financial Centre has faced criticism for harboring white-collar criminals. Fraud warnings against Validus have also been issued by authorities in Australia, New Zealand, and the Dubai Financial Services Authority, which clarified in December 2023 that Validus entities were not licensed to conduct financial activities in Dubai.
Consumer protection organization Testaankoop advises victims to file police complaints and report to the FSMA. “What is there in return? That is the question you should always ask yourself as a consumer,” said Laura Clays of Testaankoop. She warned that victims often feel pressured to continue participating in MLM systems even when they no longer want to, pushing themselves deeper into financial trouble.
Samir, the anonymous victim, now warns others: “Sometimes something is too good to be true. I advise everyone to always remain critical. I feel enormously guilty that I recommended family and friends to invest along with me.” In his immediate circle alone, at least eight friends and family members lost money to Validus.
What’s Next
The actual number of victims is believed to be higher than 20, as many do not file complaints out of shame. Legal experts say the chance of victims recovering their funds is slim, as the money has likely been moved through complex international channels. The Brussels prosecutor warns that successor platforms ODECENT and DeFily continue to operate, and authorities are working to curb this persistent type of fraud.