AIX Investment Group, once heralded as a rising star within Dubai’s booming financial sector, has seen its fortunes unravel over the past year, leaving thousands of investors facing significant losses. The firm, which attracted clients with promises of annual returns as high as 30 percent, has quietly ceased making scheduled coupon payments while continuing to accept new deposits, according to former employees and investors.
Established as a high-profile player in the emirate’s growing wealth management industry, AIX used extensive marketing strategies, including advertising on Emirates Airlines flights, sponsoring the Spanish football club Celta de Vigo, and acquiring a motorsport team competing in Formula 2 and Formula 3. The company also cultivated an image of corporate philanthropy, notably contributing to Dubai-based Al Jalila Foundation.
AIX’s allure stemmed largely from its aggressive return rates and a lucrative referral commission structure that rewarded investors for bringing in new clients, reportedly with immediate cash payments in some cases. Many investors, buoyed by regular earlier payments, increased their stakes over time. The firm attracted a diverse clientele ranging from Dubai’s professional class to wealthy individuals, including Gulf royals, with investments varying from $10,000 up to tens of millions of dirhams.
The company’s founder and owner is reported to be Slovenian national Aleš Čebulj, who, despite not appearing on formal registration documents, has been described by insiders as the ultimate beneficiary owner. The firm’s Dubai-registered entity was officially managed by another Slovenian, Gregor Simonič. Local connections included Rashid Al Habtoor, son of a prominent Dubai billionaire, who appeared on corporate licenses and featured in advertising campaigns. Several executives, including Fadi Dabbagh and Harish Prithvi, served as public faces of the company, though both have since left and distanced themselves amid the company’s turmoil.
AIX reportedly employed between 100 and 150 people, nearly half of whom acted as financial advisers, some of whom lacked formal experience in financial services but flaunted lavish lifestyles on social media, reinforcing the company’s high-risk and high-reward image.
According to sources, AIX invested client funds in speculative markets such as commodities, foreign currencies, and digital assets. A legal adviser described its trading approach as “high-risk gambling.” When payments stopped, AIX attributed delays to banking difficulties and geopolitical factors, promising to restructure and recover losses.
Last week, AIX proposed a court-led restructuring plan, offering clients options including a four-year scheme with a 16 percent annual coupon and repayment of principal by January 2031. The company declined to comment on its current financial situation, citing legal sensitivities and investor confidentiality.
Dubai’s regulatory environment, characterized by multiple authorities overseeing different sectors, has complicated investor protection. AIX is licensed by the UAE’s Capital Market Authority for financial advisory services but does not fall under the Dubai International Financial Centre’s regulatory scope, which has never issued warnings about the firm. However, regulators in the Cayman Islands, where an AIX division operates, have intervened, stating that the firm was not authorized to conduct securities investment business there. Similar warnings had previously derailed AIX’s expansion plans in Qatar.
The situation has drawn attention amid Dubai’s rapid influx of wealthy residents and the proliferation of investment firms, some of which have drawn regulatory scrutiny and investor complaints. For example, Hedge and Sachs, another Dubai-based firm, faced similar allegations and regulatory actions after failing to meet investor obligations.
Several investors have reported difficulty recovering their funds. One British entrepreneur disclosed having invested $39 million with AIX and being owed substantial unpaid dividends. Other individuals and families have expressed disillusionment, with some recounting efforts to serve legal notices within the Burj Khalifa, only to face access obstacles.
Authorities in Dubai are investigating the matter, and investors continue to seek clarity on the company’s financial standing and prospects for recouping their investments as legal proceedings unfold in multiple jurisdictions.