A brokerage firm operating in Dubai has reportedly
disappeared with millions of UAE investors’ funds, according to reports by local
media publications.
According to the Khaleej Times, the firm has left a vacant
office in Dubai’s Capital Golden Tower and unanswered calls from desperate
investors who have reportedly lost millions of dirhams in funds.
Inside suites 302 and 305, Gulf First Commercial
Brokers reportedly operated a high-pressure sales floor until last month,
targeting UAE-based investors with cold calls promoting forex investments.
Clients Tricked Through Cold Calls
Sources cited by the media publication say that victims
were aggressively pushed toward Sigma-One Capital, a supposedly affiliated
online trading platform that promised safe returns.
Sources maintain that Gulf First and Sigma-One operated under the same roof, and staff used the names interchangeably. Sigma-One Capital claimed to be based in St. Lucia and
listed a Dubai address in Musalla Tower.
However, investigations have reportedly found
no evidence that the company ever operated from there. It also lacked any authorization from UAE regulators
like the DFSA or SCA, leaving investors without legal recourse.
Escalating Losses and Personal Debt
For many, the scam didn’t just erase savings; it left
them in deep financial distress. One investor used credit cards, loans, and
even his wife’s savings in desperate attempts to recover losses.
The Dubai Police have reportedly confirmed that
complaints have been filed against both Gulf First Commercial Brokers and
Sigma-One Capital. Investors are now calling for stricter regulation to prevent
offshore platforms from targeting UAE residents under the guise of local
operations.
Expect ongoing updates as this story evolves.
A brokerage firm operating in Dubai has reportedly
disappeared with millions of UAE investors’ funds, according to reports by local
media publications.
According to the Khaleej Times, the firm has left a vacant
office in Dubai’s Capital Golden Tower and unanswered calls from desperate
investors who have reportedly lost millions of dirhams in funds.
Inside suites 302 and 305, Gulf First Commercial
Brokers reportedly operated a high-pressure sales floor until last month,
targeting UAE-based investors with cold calls promoting forex investments.
Clients Tricked Through Cold Calls
Sources cited by the media publication say that victims
were aggressively pushed toward Sigma-One Capital, a supposedly affiliated
online trading platform that promised safe returns.
Sources maintain that Gulf First and Sigma-One operated under the same roof, and staff used the names interchangeably. Sigma-One Capital claimed to be based in St. Lucia and
listed a Dubai address in Musalla Tower.
However, investigations have reportedly found
no evidence that the company ever operated from there. It also lacked any authorization from UAE regulators
like the DFSA or SCA, leaving investors without legal recourse.
Escalating Losses and Personal Debt
For many, the scam didn’t just erase savings; it left
them in deep financial distress. One investor used credit cards, loans, and
even his wife’s savings in desperate attempts to recover losses.
The Dubai Police have reportedly confirmed that
complaints have been filed against both Gulf First Commercial Brokers and
Sigma-One Capital. Investors are now calling for stricter regulation to prevent
offshore platforms from targeting UAE residents under the guise of local
operations.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
