Dubai firm vanishes overnight without a trace, Indian investors lose millions: ‘Like they never existed'
A Dubai-based brokerage firm has vanished overnight without a trace, taking with it millions of dirhams in investors' money. Today, a mop in a bucket and a black garbage bag are all that remain outside suite 302 of Capital Golden Tower in Dubai's Business Bay. But just weeks ago, the space was home to Gulf First Commercial Brokers - a company that now appears to have disappeared, according to a report in The Khaleej Times.
Until last month, Gulf First had around 40 employees spread across suites 302 and 305 of Capital Golden Tower in Dubai's central business district. Their job was cold-calling potential investors and promoting forex investments.
Now, both suites sit vacant. Phone lines have been ripped out, and the floors are coated 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.'
Mohammad and Fayaz Poyyl are expats from Kerala who had invested $75,000 through Gulf First Commercial Bankers.
'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 part with their hard-earned 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 person who lost $230,000 in the scheme said he was paired with a relationship manager who spoke to him 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.'
The details of the scheme are now becoming clearer. Sanjiv, an Indian investor, said Gulf First Commercial Brokers strongly pushed clients to invest through Sigma-One Capital, an unregulated online platform.
'They guaranteed safe returns,' said Sanjiv, who now regrets putting his life savings into the scheme.
Another investor named Mohammad, who lost $50,000, said staff used the names Gulf First and Sigma-One interchangeably, as if they were the same company.
Police have filed a case against both firms and confirmed that Sigma-One Capital did not have DFSA or SCA authorisation. "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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