Dubai Brokerage Firm Disappears, Leaving Investors in Shock
Dubai Brokerage Firm Vanishes with Millions
A brokerage firm based in Dubai has abruptly vanished, taking with it millions of Dirhams belonging to investors. The only remnants outside suite 302 in the Capital Golden Tower, situated in Dubai's Business Bay, are a mop in a bucket and a black garbage bag. This office was previously occupied by Gulf First Commercial Brokers, a company that now appears to have disappeared, as reported by local media.
Until recently, Gulf First employed around 40 individuals in Suites 302 and 305 of the Capital Golden Tower. Their operations involved cold-calling potential clients to entice them into forex trading.
Currently, both offices stand vacant, with phone lines disconnected and dust covering the floors.
According to a security guard at the Capital Golden Tower, "They returned the keys, cleared everything out, and left in a hurry. Now, we have people coming daily asking about them."
Investors Left in the Lurch
Mohammad and Fayaz Poyyl, expatriates from Kerala, invested $75,000 with Gulf First Commercial Brokers.
Fayaz expressed his frustration, stating, "I came here looking for answers, but there’s nothing, no one. Just empty offices. We called every number, but no one responded. It’s like they never existed."
The Poyyls were persuaded to invest through phone calls. Fayaz recounted, "My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits."
Another investor, who lost $230,000, mentioned that his relationship manager communicated in his native Kannada.
He explained, "The platform showed small profits initially, and I even managed to withdraw some money, just enough to build trust. Then the pressure began. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits."
Unraveling the Scam
Details about the fraudulent scheme are emerging. Sanjiv, an Indian investor, revealed that Gulf First Commercial Brokers aggressively encouraged clients to invest through Sigma-One Capital, an online platform lacking official approval.
"They guaranteed safe returns," Sanjiv lamented, regretting his decision to invest his life savings.
Another investor, Mohammad, who lost $50,000, noted that the staff used the names Gulf First and Sigma-One interchangeably, creating confusion.
Authorities have initiated a case against both companies, confirming that Sigma-One Capital was not authorized by the DFSA or SCA. One investor reflected, "I wish I’d checked their credentials. Now we’re left with empty offices and emptier bank accounts."