A Dubai based brokerage firm has suddenly disappeared, taking millions of Dirhams of investors money with it. Now, only a mop in a bucket and a black garbage bag are left outside suite 302 in Capital Golden Tower, located in Dubai’s Business Bay. Just a few weeks ago, this office belonged to Gulf First Commercial Brokers- a company that now seems to have vanished, as reported by The Khaleej Times.
Until last month, Gulf First had about 40 employees working in Suites 302 and 305 of Capital Golden Tower in Dubai’s business area. They used to call people they didn’t know to try and get them to invest in forex trading.
Now, both offices are empty. The phone lines have been removed, and the floors are covered in dust.
“They returned the keys, cleared everything out and left like they were in a hurry,” a security guard at Capital Golden Tower was quoted as saying by the publication. ‘Now we have people coming daily asking about them.”
Dubai Firm Vanishes with Investors’ Money
Mohammad and Fayaz Poyyl, two expats from Kerala, had invested $75,000 with Gulf First Commercial Brokers.
“I came here looking for answers, but there’s nothing, no one. Just empty offices. We called every number, but no one responded,” said Fayaz. “It’s like they never existed.”
The Poyyls were convinced to invest their money through phone calls. “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,” said Fayaz.
Another investor, who lost $230,000 in the scheme, said he was assigned a relationship manager who spoke in his native Kannada.
“The platform showed small profits at first, and I even withdrew some money, just enough to build trust,” the investor explained. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”
How the Scam Worked
More details about the scam are now coming out. Sanjiv, an Indian investor, said Gulf First Commercial Brokers strongly pushed clients to invest through Sigma-One capital, an online platform that was not officially approved.
“They guaranteed safe returns,” said Sanjiv, who now regrets putting his life savings into the scheme.
Another investor, Mohammad, who lost $50,000, said the staff used the names Gulf First and Sigma-One like they were the same company.
Police have filed a case against both companies and confirmed that Sigma-One Capital did not have approval from DFSA or SCA. “I wish I’d checked their credentials,” said one investor. “Now we’re left with empty offices and emptier bank accounts.”
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