Our investigative reporters have exposed another notorious fraud racket named ‘Ayla Finance’, which has been robbing-off millions of dollars from people, particularly from Dubai residents. Anyone logging into the dubious website of this Ponzi scheme (ayla[dot]com) shall not find any information about the people behind this fraudulent venture. The website of this scam project was registered on December 21, 2021.
Alya Finance is part of Alyattes, a scamming crypto scheme that has a bunch of schemes attached to it.
While Alya Finance’s website is devoid of executive information, on the main Alyattes website Sinan Ay is cited as CEO of the company.
On LinkedIn Sinan Ay cites himself as CEO and CFO of Alyattes since April 2021.
On Facebook and Twitter Sinan Ay cites himself as founder of the company.
Originally from Turkey, Sinan Ay claims to be based in Vienna, Austria.
Sinan Ay appears to have gotten into MLM crypto Ponzi scamming through Shohan Bowala.
Ponzi schemes Sinan Ay has publicly promoted includes Sebtan Assets and Torque Trading.
Shohan Bowala, a serial promoter of Ponzi schemes based in Australia, is promoting Alyattes and Alya Finance.
Sinan Ay began propagating Alyattes and Alya Finance in October 2021.
Such promotions were taking place from Turkey until recruitment began spreading recently.
Turkey still makes up the majority of traffic to Alya Finance’s website, but recruitment is fast collapsing.
Alyattes itself proclaims to be based in Dubai.
In the recent years, Dubai already has emerged into the MLM crime capital in the world. Any MLM scam project is based or has ties to Dubai.
Dubai, an MLM crime capital
Although Dubai always had a bad reputation for harboring scammers, over the past year and a half it cemented itself as the MLM scam capital of the world. This coincided with the spread of the COVID-19 pandemic. Whereas most countries effected some sort of border control, Dubai has remained open for visitors. This has seen practically every scam looking to hold live events flock to the desert city.
Dubai as a city doesn’t have much going for it. It’s in the middle of nowhere with an unfavorable climate. If you’re into the artificial however, Dubai offers the pinnacle of superficial indulgence.
That alone isn’t enough to lure in the world’s scammers though. Dubai’s attraction for them runs deeper.
The two main reasons people will see scammers flock to Dubai is a lack of extradition treaties and no regulation of MLM related fraud.
Dubai is part of the United Arab Emirates (the UAE). The UAE has extradition treaties with only a small number of countries;
An example of a multilateral treaty signed and ratified by the UAE for judicial co-operation is the Riyadh Arab Convention on Judicial Co-operation, which was signed by most Arab countries including Algeria, Bahrain, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia and Tunisia.
In addition, examples of bilateral treaties signed and ratified by the UAE for judicial co-operation are numerous and include agreements with Australia, China, Egypt, France, India, Iran, Pakistan, Spain and the United Kingdom.
None of the Arab countries above are known for active MLM regulation. Of the other countries listed, with the exception of Spain, again you have a list of countries where MLM regulation is either non-existent, or typically limited to national cases.
Once a scammer flees their native country for Dubai, these countries do not pursue the matter. And these scammers know it.
Within Dubai, so long as they do not target UAE locals, scammers are free to scam anyone from anywhere.
From an MLM due-diligence perspective, until things change these are some general rules that we have found hold true:
Any time you see someone involved in MLM relocating to Dubai, they are more than likely running from a collapsed scam and/or authority.
Any time you see an MLM company holding an event in Dubai, it’s a scam.
If an MLM company has a head office in Dubai, it’s a scam.
If someone is running an MLM company from Dubai, it’s a scam.
There are limited exceptions to these rules. Outside of the COVID-19 pandemic for example, we would be a little less harsh on MLM companies holding events in Dubai.
During the pandemic however, Dubai’s reputation as a safe haven for criminals has only gotten worse.
Five years or so ago Thailand was the destination of choice for MLM scammers.
A few years back Estonia pitched itself as a crypto fraud haven. That’s mostly died down but the country is still a favorite to incorporate shell companies in.
Sweden is your typical EU turn a blind eye to MLM fraud country.
MLM regulation in EU in general tends to be “so long as you don’t scam the local population, we’ll do nothing”.
Italy and a few other countries do track securities fraud but rarely do anything beyond issuing warnings.