But it was not allowed to as it was not authorised
It has been revealed that a Dubai housewife’s luxury lifestyle is funded by her conman husband who fled the UK after being made bankrupt.
Malaikah Raja has over 1.5 million social media followers and regularly posts videos of her driving around in a pink Mercedes G-Wagon, shopping for luxury goods and going for costly beauty treatments.
She claims to receive a monthly allowance of nearly £25,000 from her husband Mohammed Maricar, plus another £160,000 per month from him for payments on a series of properties she owns.
The couple live in a £2 million home in an exclusive gated community in Dubai.
However, the Daily Mail has reported that Maricar was fined by London’s High Court for unlawfully providing investment advice via his 24HR Trading Academy company which left clients hundreds of thousands of pounds out of pocket.
The company provided advice for a fee to consumers on when to buy shares, commodities and foreign currencies via WhatsApp.
But it was not allowed to as it was not authorised by the Financial Conduct Authority (FCA).
Maricar was ordered to pay £530,000, which was to be distributed among his customers. However, he failed to pay the sum, leading to him being declared bankrupt in August 2022 after proceedings were brought against him by the FCA.
By September 2022, the official receiver recovered just over £106,000, by which time Maricar had relocated to Dubai.
According to his Instagram profile, he is an ‘entrepreneur’ and ‘trader/mentor’.
His profile states: “If you are interested in learning how to become profitable with trading, watch my FREE 1hr Trading Webinar.”
It is accompanied by a link to the webinar which takes users to a page declaring:
“I can prove that it is possible to earn $200-$2,000/day working less than 90 minutes/day.”
On her Instagram, Ms Raja describes herself as a ‘Trading Mentor & Educator’.
But she also flaunts her lavish lifestyle.
In a TikTok video, Ms Raja provides a breakdown of the monthly allowance she receives.
This includes:
- Nearly £4,000 for general shopping
- £12,000 for luxury and designer goods shopping
- £160,000 for maintaining properties she owns
- £800 for massages
- £8,000 for makeup, skincare and hair and skin treatments.
For general food and date nights, Ms Raja’s budget is “completely unlimited” because “my husband wants me to put on weight”.
@malaikahraja My 2 year old son has an allowance so much better than mine ? #dubai #dubaibling #dubaihousewife #stayathomemom #housewife #momsoftiktok #dubaiblingnetflix #luxury #richmom #luxurylifestyle #monthlyallowance #wife #wifetok ? original sound – Malaikah ?
Despite being declared bankrupt in the UK, one video showed the couple shopping for luxury goods in London.
The couple have two children – a two-year-old boy and a newborn girl.
In another video, Ms Raja filmed the family’s move to a lavish £2 million villa.
She revealed that the couple had a custom-made marble dining table for their new home and filmed workers bringing in curtains, sofas and other furniture.
Following the High Court hearing in March 2021 when Maricar was fined, Mark Steward, executive director of enforcement and market oversight at the FCA said:
“Neither 24HR Trading nor Mr Maricar were permitted to give investment advice which, in this case, included sending trading signals via social media and their conduct risked substantial losses for customers.
“We urge consumers to make sure they are dealing with FCA-authorised firms when seeking investment advice, including offers to provide tips or signals via social media apps, and to stay clear of unauthorised operators like 24HR Trading and Mr Maricar.”
After £106,000 had been recovered, the FCA stated:
“The FCA has taken an approach to ensure as much money is recovered for investors as possible.
“With this process now complete, the FCA does not expect further funds to be recovered.”
Loading ...