Nada Chehade
09 October 2025
During winter of 2024, Jordan was awash with stories of people who had lost their life savings after investing in supposed ‘digital currency’ schemes. These seemingly isolated cases appeared to conceal a repetitive pattern of organized scams.
It then transpired that all these cases were linked to a network of intermediaries and fake trading platforms operating in secret to sell the ‘illusion’ of making a quick fortune.
M.K., an Arab investor, is among the victims of fraudulent companies and platforms operating under the guise of ‘digital investment’ in Jordan. His ambition and desire to expand his investment portfolio led him to accept an offer from a group of individuals working in the company he invests in, to join a start-up set to launch soon. The new company aimed to manage funds on behalf of large investors. The promises were exceptional. The owners of the initiative led M.K. to believe that the project was backed by some of their influential relatives: a member of the Jordanian Parliament, and a former chairman of the Jordanian Securities Commission.
On 13 November 2024, M.K. deposited $150,000 dollars into the new company, then made another deposit of the same amount, hoping to generate massive returns. Over time, he began to see what he believed were accumulated profits on his account interface, amounting to $300,439, bringing his account balance to $700,000.
However, when he requested to withdraw $300,000, the platform administrators gave him banking excuses and claimed they could not release the full amount, according to the complaint that M.K. later filed with the public prosecutor in Amman. On December 23, 2024, he was shocked to find that the full amount had been withdrawn and that his account interface had been changed to ‘view only’. According to the filing, the remaining balance in his account, approximately $405,000, had also vanished without prior notice.
M.K. contacted the Jordanian Securities Commission to inquire about the legal status of the company, only to find that it was neither licensed, nor had any official standing. He lodged an official complaint with the public prosecutor in Amman, accusing the administrators of the platform of fraud, based on Article 417, and theft based on article 399, of the Jordanian Penal Code.
Legal notice: All names have been omitted from this investigation in compliance with Jordanian law, which prohibits the publication of details of ongoing cases, and to avoid potential legal liability if the case against the defendants is closed or dismissed,.
While M.K.’s case is still under investigation by the public prosecutor, it highlights one form of fraud linked to fake companies, but not the only one. There are various methods for scamming, and these include investment platforms that operate through intermediaries.
We met 27-year-old ‘Sahar’ (a pseudonym), who was not seeking financial adventure, rather she wanted to help her friends and acquaintances improve their own finances. When she was offered the opportunity to act as an intermediary for an investment project promoting a ‘digital currency’ with enticing returns, she accepted without hesitation.
Initially, the mechanism seemed simple and above suspicion: for every group of five people she brings who have each invested at least $300, she is rewarded 50 Jordanian dinars. However, the reward soon turned into what she described as “a heavy burden.”
A few weeks later, the whole story began to unravel. According to Sahar, it turned out that the project was nothing more than a Telegram group run by an anonymous account. No money was ever transferred to any legitimate entity or actual investment project.
Over time, Sahar’s friends and acquaintances had entrusted her with their money, believing that she was their ticket to what she described to them as “the chance of a lifetime”. In social media group chats, many young women expressed their admiration for her enthusiasm and commitment to the project‘s success, which seemed more lucrative to them than their modest salaries or small savings.
Many young women believed that this digital currency would provide them with a steady income, and perhaps even up to $1,000 in monthly profits. However, much to their surprise, the account owner suddenly disappeared, and closed the only means of contacting him: his Telegram group.
All the funds vanished in an instant. Sahar was unable to answer questions from the victims, whose tears followed her everywhere.
The dream of ‘getting rich quickly’ has led many people to fall victim to deception and fraud. S.B. is one of them. One day, she found herself added to a Telegram group run by someone posing as an Arab businessman based in Jordan who specialises in trading digital currencies.
Within months, S.B. had transferred around $37,000, believing that she was participating in a legitimate investment project that would start yielding returns within 2-3 months. But reality was another story. One day, she received the shocking news that the project had lost all its capital due to “market fluctuation,” according to the group’s administrators. Shortly afterwards, the man left the country to evade legal accountability.
At the initial shock, all victims asked the same questions: who can we complain to? How can we prove what happened to us? S.B. only had a few handwritten receipts from the ‘fraudster’ showing that he had received money from her. However, she knew that lodging an official complaint would not end well for her, as the entire transaction was not based on any legal framework.
She knew that an investigation could lead nowhere, and that pursuing the leads would not provide her clarity. Digital accounts used in such operations are often linked to fake phone numbers, unknown names, and scattered bank accounts, with no clear legal basis.
Faced with this confusing reality, many victims quickly abandon the idea of taking legal action, either because they fear social judgement, or because they wish to avoid a litigation process that could last years. During this time, the stolen money would have settled in unknown accounts, protected by transnational digital borders.
Although there are no accurate official statistics available, cyber security expert Magdy Al-Qabaleen estimates that Jordanians have invested close to tens of millions of Jordanian dinars in these fake platforms.
Lawyer Mohamed Al-Saket explains that these platforms have no actual legal existence, as they are not registered with a commercial register and are not subject to any financial or regulatory authority oversight. He adds that their sole purpose is to collect as much money as possible, in the shortest possible time, before suddenly withdrawing and leaving victims without recourse.
Once the platform is closed, Al-Saket confirms, all hope of recovering the money vanishes. Victims find themselves caught between the social stigma of reporting the scam, and their lack of knowledge about which authority is responsible for handling these cases. Ultimately, they are faced with a choice: either admit that they were victims of organized deception, or withdraw quietly and wait for some rights that may never be restored.
Legally speaking, Jordan’s Electronic Crimes Law No. 17 of 2023, criminalizes financial fraud via digital media. According to article 10, anyone who unlawfully seizes movable or immovable property using electronic means shall be punished with imprisonment for no less than one year and a fine of no less than 5,000 Jordanian dinars.
Article 12 also stipulates that anyone who attempts to conceal their identity by using a fake IP address with the intention of committing a crime shall be sentenced to 6 months in prison and fined no less than 2,500 Jordanian dinars.
Yet, weak digital evidence, the perpetrators’ presence across multiple countries, and their use of identity-concealing technologies such as Virtual Private Networks (VPNs) significantly hinder authorities’ ability to trace and hold them accountable. This results in many cases lacking real accountability.
Cybersecurity expert Youssef Nouhad Hassan explains that local intermediaries play a crucial role in the success of these scams. They are spread across Amman, Irbid, Ramtha and its surrounding rural areas, where personal trust is prevalent within communities of friends and neighbours.
Intermediaries exploit their social connections to convey a deceptive image to the community, suggesting the existence of a reliable investment opportunity. In reality, however, these platforms are just a smokescreen.
When we asked Sahar about the origins of the success stories that intermediaries shared with others, to encourage them to invest, she could not provide a convincing answer. It soon became clear that these “stories” were fabrications created by scammers, who made them seem like genuine experiences.
Advertising was not limited to text messages and chat groups. There were also sponsored ads on Facebook. These ads assured potential targets that they would receive monthly returns of up to 30 per cent. They claimed that the platform was licensed by Arab or international entities, and that it had offices in Dubai, or Cyprus, or London.
According to lawyer Sakhr Al-Khasawneh, Jordanian law prohibits trading in any currency other than the Jordanian dinar, including digital currencies. However, this ban has not stopped fraudulent platforms from proliferating, as all it takes is downloading a trading application with a slick-looking interface to buy digital currencies from international markets.
Whenever victims seek legal recourse, they are given the same response: the law cannot deter people from pursuing quick profits, especially when those who plot these schemes hide behind virtual platforms and use technical tools to conceal their true locations.
Should victims try to trace the money, they will find that the bank accounts are registered under fake names and encrypted codes that do not reveal the real identities of account holders.
The Cyber Crimes Unit of the Jordanian Public Security Directorate (PSD) confirms that it receives complaints about digital fraud and opens investigations into the methods used in these scams.
The initial investigation begins with the collection of available digital evidence, including conversations, links and electronic payment accounts. Next, the unit contacts telecommunications companies and banks to trace the movement of funds and identify their origin.
PSD spokesperson Amer Al-Sartawi explains that, in some cases, investigators cooperate with international bodies to track down those operating the platforms, if they are outside Jordan. If the perpetrators are located in Jordan, the unit issues an arrest warrant and seizes their computers and phones. All evidence is then sent to the digital forensics lab, which produces a technical report documenting the scam and hacking mechanisms used. This completes the file, which is then referred to the public prosecutor’s office for legal proceedings.
By this stage, many victims would have reached breaking point. They are surrounded by silence and feel ashamed in the face of a merciless society. Consequently, the case slips into a murky legal limbo.
In many cases, victims are left alone with only basic evidence, such as a handwritten note from the fraudster, confirming receipt of a sum of money. They don’t know who to sue: is it the local intermediary or someone who could be in another country?
Against this backdrop, experts are calling for clear legislation that goes beyond simply criminalizing digital currency trading. Some believe that legal measures should include strict requirements, most importantly, obliging companies operating in this field to provide reliable financial and bank guarantees. They also emphasize that no platform should be permitted to operate in Jordan unless it can demonstrate “financial solvency” and provide transparent licences.
Others believe that it is crucial for legal accountability to extend to intermediaries. When an intermediary is involved in promoting the platform and helps in raising funds, they should bear the same responsibility as the operators of the original platform, even if they have never set foot in Amman.
Although there is a legal ban, experts note that the spread of digital technology has made it easier for individuals to circumvent it. Anyone can open an international account, purchase digital currencies and start trading simply by downloading a trading app on their phone, even if the operating company is based outside Jordan.
PSD data indicates a significant increase in the numbers of reported digital fraud cases, which reached 7,895 cases in 2024, up from 2,246 cases reported in 2023. This increase in the number of cases highlights the extent of the phenomenon, at a time when the percentage of cases leading to the arrest of perpetrators or the recovery of funds remains very low, compared to the actual number of victims.
Ultimately, the stories of Sahar and others are not simply recounted to highlight their suffering. These stories serve as a lesson in an era of proliferating digital interfaces that are increasingly blurring the line between real and fake opportunities amid an unregulated digital environment and legislation that still lags behind rapid technological developments.
Therefore, it is not optional but necessary to think things through before trusting any platform, if one wants to protect their savings from becoming just another number on the list of illusions.
