Source: Poppin dubai

The bankruptcy of the Dizabo superpower caused the loss of millions of capital by Emirati investors .

Once known as a golden investment, the Dizabo app attracted UAE investors with a promise of returns of up to 80 percent in six months. Launched in 2021 as the "region's first Superpop", the Superpop intended to revolutionize e-commerce by connecting vendors and consumers in 22 different categories. But as payments ceased in 2023, investors faced financial losses and unfinished promises.

Now, Dizabo's founder, Abdel Aftab plikal, is facing several cases in Dubai's courts for return checks and non-payment, and UAE officials have blocked the company's assets and closed its offices. Investors from different nationalities, including India, Egypt and the UAE, report heavy financial pressures — some have even lost all their life savings and are embroiled in legal issues.

The promise of high returns at Dizabo attracted investors with options such as AED 43,000 to buy delivery motorcycles and AED 200,000 to buy Vans. However, once payments were stopped, many investors faced back checks and mounting debts, and some faced threats when they protested.

Abdel Aftab continues to refer to Dizabo as an innovative app that has faced "unforeseen challenges" and insists that it has not done anything wrong. However, calls to restaurants supposedly indebted to Dizabo suggest that many have rejected their debt and, in fact, are seeking legal action because of damage to their reputation.

2024-11-02 08:05:41

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The bankruptcy of the Dizabo superpower caused the loss of millions of capital by Emirati investors .

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