The Slovenians in Dubai had investors bringing in millions in bags, and then it all went quiet: who's behind AIX?

Thousands of investors face delayed payments after Dubai-based investment group AIX Investment Group halted payouts despite continuing to accept new deposits for approximately eleven months. The firm, which promised annual returns ranging from 12 to 30 percent, has become the center of a financial dispute involving two Slovenian nationals. According to reports from the British newspaper Financial Times, Aleš Čebulj is identified by employees, clients, and lawyers as the founder and ultimate beneficial owner of the company, while Gregor Simonič served as a director of its holding entity. Although neither man’s name appears explicitly in certain registration documents as the sole owner, multiple sources described Čebulj as the controlling figure behind the operation. The group built its reputation through high-profile visibility in Dubai. It operated offices within the Burj Khalifa, the world’s tallest building, and secured sponsorship deals with prominent entities. Its logo appeared on aircraft belonging to the airline Emirates and on the jerseys of Spanish football club Celta Vigo. Additionally, the company competed in motorsports, entering teams into Formula 2 and Formula 3 championships. This public image was designed to project stability and international success, attracting clients who were required to make initial investments as low as 10,000 US dollars. Financial advisors played a central role in acquiring these clients, earning commissions that could reach five percent of the invested amount. Existing investors were also offered bonuses for referring others. Former employees recounted instances where new investors arrived at business premises carrying cash in shopping bags. For several years, the company made regular payments to its clients. However, this pattern broke down recently. Investors and former staff told the Financial Times that the firm stopped paying promised returns roughly eleven months ago. Despite these delays, the company continued to solicit and accept new capital during this period. One of the most significant cases involves British entrepreneur Dariush Soudi. He stated that he invested 145 million dirhams, equivalent to approximately 39 million US dollars, into the group. Soudi claimed that the company owes him an additional 45 million dirhams, or about 10.5 million euros, in unpaid returns. His total claim stands at roughly 46 million euros. Soudi explained that his trust in the firm was based on seven and a half years of consistent payments, which led him to reinvest his earnings repeatedly. Other investors have filed similar complaints, alleging that their funds are trapped due to the suspension of withdrawals. Legal proceedings have begun in Dubai. Two court claims totaling ten million US dollars have been lodged at the Dubai International Financial Centre courts. These specific filings consist of one claim for two million dollars and another for eight million dollars. The total value of all potential liabilities owed by the group remains unknown. In response to inquiries regarding the allegations, neither Čebulj nor Simonič provided comments. One investor described a conversation with Simonič concerning missed payments, stating that the director replied, “You enjoyed it while it lasted.” This account comes from the investor and has not been independently verified by the director. The connection between the group and influential local figures adds complexity to the situation. Rashid Al Habtoor, son of a well-known Dubai billionaire, appeared in the company’s documentation and advertising materials. His involvement suggests links to powerful local networks. Meanwhile, the company is attempting to resolve its liquidity crisis by selling assets and restructuring its investments. It has already sold its automotive racing team, which it had acquired in 2024. To secure further funding, the firm reportedly used real estate properties and a private jet as collateral. Management presented investors with several options for settling debts, though the specifics of these arrangements were cut off in available reporting. Background information reveals prior associations for Čebulj in Slovenia. Years earlier, his name surfaced in connection with investment schemes called Luxuris and Thorex, which also promised high returns from currency trading. In 2017, he acted as a witness in legal proceedings related to Thorex. At that time, records indicated he was employed by the company rather than owning it. By then, he had already relocated to Dubai. His presence in motorsport circles is also documented, with Formula 3 director Bruno Michel publicly thanking him for collaboration in previous seasons. Regulatory authorities have issued warnings to investors regarding such high-yield opportunities. The contrast between the lavish branding of AIX and the current payment defaults highlights the risks associated with unregulated or opaque investment structures. The firm’s strategy relied heavily on brand recognition and referral incentives to maintain cash flow. As legal actions proceed, the focus shifts to whether the asset sales will generate sufficient funds to satisfy creditor claims. The exact timeline for any resolution remains unclear, with investors waiting for clarity on their remaining balances. The case underscores the scrutiny now facing Dubai-based investment firms that target global audiences with aggressive return promises.