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To the casual observer, Shazad Bakhsh is the personification of the good life. His social media platforms are splattered with images of the Scottish influencer’s larger-than-life persona, typified by his head-turning Bugatti. The high-end car is apparently a tactic to play up to many who dream of such a life.
According to sources close to Cryptopolitan, Shazad’s show of opulence masks an insidious scam, preying on his victims’ blind trust. Those comments came after Shazad was detained by Dubai authorities over fraud allegations in excess of $1 million.
People familiar with the matter claimed that the “master grifter” has gone to great lengths to perfect his con game. Reports have also linked him to haute societe events and organizations such as the Supercar Owners Circle and Luxury Events International. These functions allow him to hobnob with luxury car lovers and deep-pocketed investors.
Once in those rooms, Shazad’s charisma helps him warm his way through unsuspecting victims’ hearts. The Scottish businessman was credited for his mastery of the art of blending in with the settings and weaving the perfect cover for his acts. This acquired “legitimacy” has helped him ramp up prolific numbers in the rackets linked to him.
How does Shazad Bhaksh scam his victims?
The Scottish Sun reported in August that Shazad faces other allegations in Dubai. People close to the matter say he faces accusations of fraud from businessmen in Cyprus, Hungary, Switzerland and Singapore who claim that he duped them out of large sums of money.
In keeping with his scheming nature, Shazad uses several approaches to snare his victims. First off, he baits them with “exclusive” investment deals. The ruse is that the target will gain unique advantages when investing in Shazad’s “limited edition” projects.
Secondly, the accused international fraudster promises big returns on their investments. He convinces his victims that they’ll earn astronomical profits on their initial investment. This promise is alluring to individuals seeking the good life that quick big bucks bring — something that Shazad poses to have experience in.
The accused facing multiple charges tied to being a con artist then exploits the targets’ wishes for financial security to sell them the FOMO on his so-called exclusive deals. Moreover, he gives them scanty information and pushes them to sign complex investment contracts. This “pressure cooker” treatment has many investors yielding to his suggestions.
Finally, he vanishes with the victim’s funds. But before that, he’ll have given them the runaround on why the promised returns didn’t materialize. Typically, he will offer excuses and deflect blame before cutting all contact, leaving them counting their losses.
Another element that adds to the legitimacy of the grift that led to Shazad’s arrest and eventual charges, his website, has since gone offline.
These are not only financial, as many victims experience emotional distress, feeling betrayed by someone they believed was a friend and ally. Besides, such scams can lead to fear of engaging in similar luxury circles.
How can we protect ourselves from Shazad and other luxury scammers?
The proliferation of Shazad-like scammers calls for vigilance when investing in luxury goods. And it’s surprisingly easy to figure out the red flags to these con games, which is the first step in protecting ourselves from them.
Always be wary of investments promising super returns against little to no risk. These projects also rush you to commit your funds, which isn’t the case with legit opportunities. Again, they are opaque and often name-drop celebrities to hoodwink you on their genuineness.
So, you must research before investing in any luxury good or service project. Carry out a background check on the individuals and teams behind them. This way, you can weed out the impostors from the legit business ventures.
Consulting with a financial advisor before jumping into any investment project is also key. These professionals have the know-how and technical experience to sniff out shady luxury business ventures. Crucially, reporting scam projects you may have encountered helps authorities take action and warn potential victims.
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