How We Were Scammed by Farhan Farhan and ThyReality Ltd: A Warning for Entrepreneurs

Introduction: A Costly Lesson in Trust

Starting and running a business is challenging enough, but when you get scammed out of nearly £92,000, it becomes a nightmare. This blog is my attempt to warn others—entrepreneurs, investors, and anyone in business—about a scam that has left my partner and me financially and emotionally devastated. Our story is not unique, but it is a clear example of how fraudsters like Mr. Farhan and his co-founder Hyder, operating under the guise of ThyReality Ltd, prey on unsuspecting business owners.

Our goal is to ensure that no one else becomes a victim of their deceit.

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Our Background: Rent-to-Rent Business in London

Since 2022, my partner and I have been running a rent-to-rent business in London, dealing with property rentals and rent to rent. Things were going smoothly until April 2024, when we decided to implement a payment system to streamline our operations. Like many businesses, we opted to use Stripe for its simplicity and widespread use. However, our experience with Stripe turned disastrous when they blocked our account due to what they deemed a "high-risk" business category.

This is where our troubles began and how we, unfortunately, crossed paths with Mr. Farhan and his co-founder Hyder from ThyReality Ltd.

How We Met Mr. Farhan and ThyReality Ltd

After struggling with Stripe, a mutual friend introduced us to Mr. Farhan, describing him as a young, humble, and professional entrepreneur who could help us. We were told he had years of experience in IT and payments processing and was well-connected in the industry. However, our friend, who vouched for him, likely didn’t know the truth: this man was about to lead us into a scam.

Mr. Farhan, as it turns out, is not even his real name. He had changed it after several bankruptcies in the UK, presumably to avoid legal and financial consequences or just to be able to open a new company again, see photo, same name different surname, different photo but same companies. This deception alone should have been a red flag, but his convincing persona masked his true intentions. He claimed to have millions in funding and pitched himself as a systems expert who could resolve our payment issues with Stripe.

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The Contract: Seemingly Legitimate but a Web of Lies

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    In May 2024, we signed a contract with ThyReality Ltd, which was supposed to mediate payments for us using their Stripe account. Mr. Farhan convinced us that they were handling millions of dollars in transactions through a taxi app, and that partnering with them would solve our problem. Their only office address? A flat in London’s E5 district that had no real employees or operations—just Mr. Farhan and Hyder.

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    The contract, which you can see in the attached evidence section, laid out that ThyReality would collect payments from our guests, withhold a 5% commission, and pass the rest on to us, minus any potential chargebacks. Everything seemed professional on paper, but as we would soon learn, it was all part of a scheme.

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The Scam Unfolds: A Disastrous 7 Days

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    We started to get first payment from guests on the 22 of May and for the first 7 days, things seemed to be working. Transactions worth around £116,000 flowed into ThyReality’s Stripe account, and payouts amounting to £92,000 went directly to ThyReality Lloyds Bank. Then, suddenly, Thyreality’s Stripe account was blocked—just like ours had been.

    This is when Mr. Farhan’s narrative started to fall apart. He blamed us for the block, claiming it was due to issues with our Booking.com accounts. He said that Booking.com had sued Stripe and caused his account to be frozen. Conveniently, he provided no evidence to back these claims, and our money—nearly £92,000 minus his 5% fee—was never returned. 
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Here, you can view all transactions made through ThyReality's Stripe account, along with the corresponding payouts deposited into their bank account, up until the account was blocked on May 30th

Attempts to Resolve the Situation: Lies, Excuses, and Silence

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Over the following months, we tried to reach out to Mr. Farhan countless times. At first, he promised he would pay for guests who had already checked out. Then, he claimed his lawyers were preparing a contract to release the funds. He even said he had internal contacts at Stripe who were working on the issue. However, every promise turned out to be another lie. No contract arrived, no payments were made, and eventually, Mr. Farhan stopped answering our calls altogether. His responses to messages became vague, evasive, and ultimately, non-existent.

We have since learned that we were not the only victims. Other businesses and individuals who trusted Mr. Farhan and ThyReality Ltd have also lost substantial amounts of money.

Who Is Mr. Farhan?

Mr. Farhan Farhan isn’t his real name, and after alleged bankruptcies, he had to change it to open a new company. He operates ThyReality Ltd alongside Hyder, a so-called IT expert who claims to be managing payments from somewhere in India. Their company has no offices, no verifiable employees, and no proven business model. It exists only to lure in victims and take their money.

We have reason to believe that Mr. Farhan is planning to move to New York to continue his fraudulent activities. This is a pattern: after too many people become aware of his schemes, he relocates and likely changes his identity again.

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Protect Yourself: How to Avoid Scams Like This

  • Verify Every Claim:

    Always check the backgrounds of the people you're dealing with. Look for verified references and cross-check their professional and financial history. In our case, we failed to dig deep enough into Mr. Farhan’s background, which led to our downfall.

  • What are the advantages on this builder?

    ThyReality Ltd had no real offices and barely any employees, but it looked legitimate on the surface. Always look deeper—check the company's filings, employee lists, and physical address.

  • Be Wary of Fake Partnerships:

    Mr. Farhan claimed to have partnerships with major companies like Stripe and Booking.com. Always confirm these claims directly with the company in question.

  • Follow Your Instincts:

    If something feels off, it probably is. The moment things started to go wrong, we should have paused and questioned everything.

Conclusion: A Warning for the Future

This blog is not just about our story. It’s about preventing others from falling into the same trap. ThyReality Ltd and its founders, Mr. Farhan and Hyder, are professional scammers who continue to prey on small businesses and investors. Please share this post widely, and if you have any information or experiences with them, don’t hesitate to reach out. Together, we can stop these fraudsters from hurting more people.

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