Malaikah Raja’s conman husband gives her £25,000 per month. (Image: Instagram/ malaikahraja)
Malaikah Raja shows off her high-end lifestyle of shopping for luxury goods, driving around her Mercedes G-Wagon and going for beauty treatments to her 1.5 million followers online.
The Dubai housewife claims her husband, Mohammed Maricar, gives her an allowance of close to £25,000 per month for living expenses and shopping. An extra £160,000 also lands in her bank account each month for payments on a series of properties that she owns, not including the £2million home the couple live in.
However, the has revealed that Mr Maricar’s money that he made, prior to their lives in the Middle East, was through below board means.
In March 2021 he was fined by the High Court in London for unlawfully providing investment advice via his 24HR Trading Academy company. This left his unaware clients hundreds of thousands of pounds worse off.
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Mohammed Maricar was instructed to pay £530,000 to his customers. (Image: Instagram/ malaikahraja)
The court discovered that Mr Maricar’s company provided advice in exchange for money on when to buy shares, commodities and foreign currencies via the messaging app WhatsApp, which was not authorised by the Financial Conduct Authority (FCA).
The conman was then instructed to pay £530,000 to be distributed among customers who were left out of pocket.
Mr Maricar then failed to pay the ordered amount which led to him declaring bankruptcy in August 2022. In the following month, the official receiver was only able to recover £106,000, yet he has already fled the UK for Dubai.
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.
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Malaikah Raja flaunts her luxury life on social media. (Image: Instagram/ malaikahraja)
“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.”
Despite his bankruptcy, his social media accounts describe him as 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.”
A link on his page also leads to a site which says: “I can prove that it is possible to earn $200-$2,000/day Working less than 90 minutes/day.”
Ms Raja also describes herself as a “Trading Mentor & Educator” on , while openly bragging about her luxurious life.
Despite being declared bankrupt in the UK, one video on shows the couple in London shopping for expensive items.