Revealed: Dubai housewife Malaikah Raja who flaunts her lavish lifestyle on social media and claims she is given a £25,000 monthly allowance is being bankrolled by her conman husband who fled the UK after being made bankrupt

A Dubai housewife who flaunts her lavish lifestyle on social media is being bankrolled by her conman husband who fled the UK after being made bankrupt, MailOnline can reveal.

Malaikah Raja has more than 1.5 million social media followers and regularly posts videos of her driving around in a brand-new pink Mercedes G-Wagon, shopping for luxury goods and going for costly beauty treatments.

She claims to receive a combined monthly living and shopping allowance of close to £25,000 from her husband Mohammed Maricar, plus another £160,000 per month from him for payments on a series of properties she owns.

The couple live in a £2million luxury home in an exclusive gated community in Dubai which they recently bought.

But a darker side to how Mr Maricar made his money can now be revealed prior to the couple setting up home in the Gulf country and enjoying untold riches.

In March 2021 he was fined by the High Court in London for unlawfully providing investment advice via his 24HR Trading Academy company which left its clients hundreds of thousands of pounds out of pocket.

The court found that his company provided advice for a fee to consumers on when to buy shares, commodities and foreign currencies via WhatsApp, which it was not allowed to as it was not authorised by the Financial Conduct Authority (FCA).

Mr Maricar was ordered to pay £530,000, which was to be distributed among his customers.

But he failed to pay the sum leading to him being declared bankrupt in August 2022 after proceedings were brought against him by the FCA.

But by September 2022 the official receiver was only able to recover just over £106,000, by which time Mr Maricar had left the UK and relocated to Dubai.

His Instagram profile reveals that he still enjoys 143,000 followers and describes himself 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.’ 

It is accompanied by a link to the webinar which takes users to a page declaring: ‘I can prove that it is possible to earn $200-$2,000/day Working less than 90 minutes/day.’

In her Instagram profile, Ms Raja describes herself as a ‘Trading Mentor & Educator’ and also urges followers to register for a free 25-minute webinar.

But she also openly brags about her luxurious life courtesy of her husband’s generosity.

In one TikTok video, which opens with her getting into her pink G-Wagon she provides a breakdown of the monthly allowances he gives her.

This includes: close to £4,000 for general shopping; £12,000 for luxury and designer goods shopping; £160,000 for maintaining properties she owns; £800 for massages and £8,000 for makeup, skin care and hair and skin treatments.

Ms Raja adds that for general food and date nights, her budget is ‘completely unlimited’ because ‘my husband wants me to put on weight.’

Despite being declared bankrupt in the UK, one video also showed the couple on a shopping trip for luxury goods during a visit to London.

Ms Rajah and Mr Maricar visit a Hermes store, where she buys two pairs of sandals and then hit a Dior boutique for handbags, for which she reveals, she has an ‘unlimited budget.’

The couple have two children; a two-year-old boy and a baby girl, who was born last week.

In her most recent video, Ms Rajah films the family’s move to a lavish villa, which cost an estimated £2 million and is set in landscaped garden with its own swimming pool.

In it she reveals that the couple had a custom-made marble dining table made for their new home and films workers bringing in curtains, sofas and other furniture.

Following the High Court hearing in March 2021 when Mr Maricar was fined, 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.

‘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.’

Following news that just over £106,000 had been recovered from him despite the fact that he had been ordered to pay £530,000 to disgruntled customers, the FCA stated: ‘The FCA has taken an approach to ensure as much money is recovered for investors as possible. 

‘With this process now complete, the FCA does not expect further funds to be recovered.’

Mr Maricar has been contacted for comment.