A Dubai-based brokerage Firm vanished in a single day, taking hundreds of thousands of dirhams from trade finances. Until last month, Gulf First Commercial Brokers had two office areas in Capital Golden Tower in Dubai’s Business Bay, from wherein its around 40 employees referred to as investors with foreign trade offers. Now, each office areas have been abandoned, with flooring included in dirt, wires ripped, and millions in investor finances history without explanation.
“They returned the keys, cleared the property , and left like they were in a hurry,” a safety protects at Capital Golden Tower. “Now we’ve people coming every day asking about them,” he said.
Vanished Dubai-based brokerage Firm Put investors in Lose
Among the scores of traders left in limbo are Kerala expats Mohammad and Fayaz Poyyl, who invested $75,000 between them with Gulf First Commercial Bankers.
“I got here seeking out solutions, however there’s not anything, no one. Just empty workplaces. We called each number, however nobody responded. It’s like they not existed,” stated Poyyl, who went to the office in Capital Golden Tower. Another Indian investor, Sanjiv, stated that Gulf First Commercial Brokers driven customers closer to Sigma-One Capital, an unregulated online platform. He stated the brokerage company assured secure returns and again assured traders to convince them to make investments their life savings.
Police Complaint Filed against firms
Mohammad, who invested $50,000 with the Dubai-based brokerage Firm, stated that the company staff used the names Gulf First and Sigma-One, claiming they perform same operation. Most of the traders said they convinced to position their money into the organization by conversations. “My relationship supervisor convinced me to make a first deposit of $1,000. Over time, I pressured into adding more budget, lured through the phantasm of smooth trading and early earnings,” Poyyl recalled.
Police have filed a grievance against both firms, Gulf First and Sigma-One. Investigations into them discovered that Sigma-One Capital operates without authorisation from the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).
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