The scam of the century in Dubai, or Yana Rudkovska’s palaces of air

Dubai has long been considered a place where money turns into concrete and glass. In just twenty years, the desert here has transformed into a capital of skyscrapers, and the real estate market has become a symbol of stability.

Investors from around the world pour billions into this city, confident that strict regulations, escrow account systems, and an ironclad reputation will protect them from fraud. However, behind the facade of luxury, stories resembling old scams are increasingly emerging. One of the most notorious schemes has already been dubbed by journalists as the «scam of the century in Dubai.» The name of the central figure in this story is Ukrainian realtor Yana Rudkovska.

From Kyiv deals to Dubai skyscrapers

In Kyiv, Rudkovska was known as the owner of the agency The Yard. She actively managed social media, filmed promotional videos, and sold apartments in the premium segment. Her style was aggressive and modern—exactly the kind that young investors admire. But after the start of the war, her traces in Ukraine began to rapidly disappear. At the same time, a new name emerged in Dubai—Yana Yard Properties, followed by a development project called Oak Yard.

On renders, Oak Yard looked like a skyscraper of the future: spacious apartments, stylish interiors, and slogans about «biohacking» and «next-gen living.» Advertising taglines promised a «healthy eco-environment» and a «new generation lifestyle.» Marketing materials featured varying figures—sometimes 19 floors, sometimes 23. Some investors were told the project would be completed in 2026, while others were given a 2027 deadline. Even the developer’s name was inconsistent: sometimes One Yard Development, sometimes Yard Development.

For Dubai’s market, where every project must be registered with RERA (Real Estate Regulatory Authority, Dubai’s real estate regulatory agency) with precise parameters, such discrepancies raised suspicion. Yet, this didn’t deter clients. On the contrary, thanks to stunning presentations and aggressive marketing, Oak Yard quickly attracted dozens of investors from Ukraine and Russia.

An empty pit instead of a tower and additional funding demands

The first alarm bell rang when clients decided to see the construction site with their own eyes. At the location of the future skyscraper, they found only a pit, with occasional concrete blocks and traces of preparatory work.

«On the renders, it’s a skyscraper, but in reality, it’s a wasteland,» users complained in Ukrainian Telegram channels. Other investors wrote: «We were promised completion in two years, but now even the first floor isn’t ready.»

Photos from the site began circulating on social media, and comments under Yana Yard’s promotional posts started to include questions like: «Where’s the construction? Why are there no updates?» No clear answers or transparent explanations were provided by the developer.

At this point, official notices appeared, demanding investors pay additional sums. The editorial team has access to such letters from FUTURA EDGE INVESTMENT L.L.C. One was addressed to Yana Rudkovska herself, and another to the company Garenne. In both cases, the letters mentioned the «need to fund the next stage of the project.»

For investors, this came as a shock. «We’ve already paid the first installment, and now they’re demanding a second, even though there’s no construction to speak of,» frustrated clients recounted on social media.

Under normal circumstances, all payments should go into a state-controlled escrow account, with funds released only after confirmation of completed work. However, in the case of Oak Yard, it seemed that money was being collected directly into accounts of affiliated companies. This meant that control was lost, and investors were left alone with empty promises.

A front for money laundering

Journalists in Kyiv soon noticed another side to the story. According to their data, millions of dollars from Ukraine and Russia were being funneled through Rudkovska’s Dubai-based companies. Some believe this involves only the money of gullible clients who fell for the beautiful renders.

But another, far more dangerous version suggests that Oak Yard might have been used as a channel for capital transfers. This theory is supported by the client base, part of which became available to the editorial team. Ninety percent of the clients are Russian citizens. The total amount of money involved reaches tens of millions of dollars, now in Dubai.

When private investors buy «square meters in a pit,» the same mechanism can be used to disguise the withdrawal of large sums. In the end, ordinary clients think they are funding their future apartment, while in reality, their money disappears into a chain of offshore companies alongside the millions of other players.

Rudkovska’s possession of an Emirates ID, issued by the Citizenship, Customs & Port Security authority, confirms that she is not a temporary visitor but someone who has established herself in the UAE jurisdiction. For many, this became an additional signal: her business has been restructured to operate in a «Dubai style,» making it easier to move money within this system.

Rudkovska herself responds harshly to the accusations. In interviews, she claims to be a victim of «black PR» and an «information attack.» In one instance, she directly blamed Kyiv competitors for «trying to ruin her reputation.» According to her, Oak Yard is a real project, and all talk of a «scheme» is driven by envy and malice.

But the more justifications she offers, the more investors begin to wonder. Why is there no consistent name for the developer? Why do the completion dates keep shifting from year to year? Why are they being asked for additional payments when construction isn’t progressing? And finally: what guarantee is there that their money won’t vanish into an offshore web?

There are still few public interviews with affected investors, as many fear losing their chance to recover their investments. However, in social media and private chats, people are sharing their concerns. «We invested in a beautiful picture, but now we see only a pit,» writes one buyer. Another adds: «Every time we ask about progress, they promise news “in a month.” That month has already lasted a year.»

In Ukrainian Telegram channels, even harsher statements are appearing: «This isn’t an investment in future housing; it’s a front for money laundering.»

The scam of the century

The Oak Yard story has become symbolic. Dozens of people from Ukraine and Russia have already transferred their money there. For some, it’s a chance to own an apartment in Dubai; for others, it’s a way to preserve capital. But if the construction remains just a pit, everyone will lose.

The consequences for Dubai are also significant. The reputation of being «the most reliable real estate market in the world» was built over years. The escrow system was introduced after the 2008 crisis specifically to prevent such stories. But if Oak Yard turns out to be a sham, it will be a blow not only to investors but also to the very image of Emirati real estate.

Today, the fate of Oak Yard depends on what the regulators—RERA and DLD (Dubai Land Department)—will say. If they confirm that the project lacks a registered escrow account and that there is no construction progress, it will mean one thing: under the guise of «the life of the future,» investors were sold nothing but air.

This is why the phrase «scam of the century in Dubai» has taken root in Ukrainian media and investigative publics. The flamboyant realtor Yana Rudkovska has become a symbol of how easily beautiful renders and aggressive marketing can mask an empty pit and a chain of offshore accounts.

Meanwhile, investors continue to wait. Some still believe in the promises and hope for a miracle. Others are increasingly asking aloud: «Will we ever get our money back?» And this question has become the main takeaway of the entire story—a story about building castles in the air in Dubai.