Latest news with #GulfFirst
NDTV
21-05-2025
- Business
- NDTV
Investors, Including Indians, Lose Millions As Dubai Firm Vanishes Overnight
Dubai: A UAE-based brokerage firm vanished overnight, taking millions of dirhams from investor funds. Until last month, Gulf First Commercial Brokers had two office spaces in Capital Golden Tower in Dubai's Business Bay, from where its around 40 employees relentlessly cold-called investors with forex offers, according to a report by The Khaleej Times. Now, both office spaces have been abandoned, with floors covered in dust, phone wires ripped, and millions in investor funds gone without explanation. "They (firm management) returned the keys, cleared everything out, and left like they were in a hurry," a security guard at Capital Golden Tower told the publication. "Now we have people coming daily asking about them," he added. Indian Among Defrauded Among the scores of investors who were left in limbo are Kerala expats Mohammad and Fayaz Poyyl, who invested $75,000 between them with 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. It's like they never existed," said Poyyl, who went to the firm's office in Capital Golden Tower. Another Indian investor, Sanjiv, said that Gulf First Commercial Brokers aggressively pushed clients toward Sigma-One Capital -- an unregulated online platform. He said the brokerage firm guaranteed safe returns and repeatedly assured innocent investors to convince them to invest their life savings. Mohammad, who had invested $50,000 with the firm, said that the company staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation. Most of the investors said they were convinced to put their money into the firm purely through phone conversations. "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," Poyyl recalled. Police Complaint Filed Police have filed a complaint against both firms--Gulf First and Sigma-One. Investigations into them revealed that Sigma-One Capital operates without authorisation from the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). The company claimed it had a registration in St. Lucia in the Caribbean and had a Bur Dubai office in Musalla Tower, but no such office exists. In fact, the probe found that there are no records of the company ever operating there. Familiar Playbook The scam follows a familiar pattern seen in earlier fraud cases in the UAE, where residents lost millions to dubious platforms like DuttFx and EVM Prime. The common factor in all these frauds was that all were promoted through cold calls, promising "secure trading environments". Victims would max out credit cards or take loans, only to discover the companies' Dubai offices were fictional.
Mint
21-05-2025
- Business
- Mint
Dubai firm disappears overnight, Indian investors lose crores: ‘They guaranteed safe returns'
A Dubai-based brokerage firm has reportedly vanished overnight, leaving behind empty offices and devastated investors who claim to have lost millions of dirhams. The only remnants of Gulf First Commercial Brokers at their former offices in Capital Golden Tower, Business Bay, are a mop in a bucket and a black garbage bag, according to a report by Khaleej Times. Until just last month, Gulf First operated out of suites 302 and 305 in the tower, employing around 40 staff members. Their primary role involved cold-calling potential clients to promote forex investments. Now, the once-bustling offices lie vacant, with phone lines ripped out and dust covering the floors. 'They returned the keys, cleared everything out and left like they were in a hurry,' a security guard told the Khaleej Times. 'Now we have people coming daily asking about them.' Among those affected are Indian expatriates Mohammad and Fayaz Poyyl from Kerala, who invested $75,000 with the firm. '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.' Fayaz recounted how he was drawn in by his relationship manager. '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,' he said. Another victim, who lost $230,000, said he was assigned a relationship manager who communicated with him in Kannada, his native language. 'The platform showed small profits at first, and I even withdrew some money — just enough to build trust,' he explained. 'Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.' As more details emerge, investors allege that Gulf First heavily encouraged investments through Sigma-One Capital, an unregulated online trading platform. 'They guaranteed safe returns,' said Sanjiv, another Indian investor who said he invested 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. 'It was as if they were the same company,' he said. Dubai Police have confirmed that a case has been registered against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities further stated that Sigma-One Capital is not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). "I wish I'd checked their credentials," one investor lamented. "Now we're left with empty offices and emptier bank accounts." Investigations are ongoing as more investors come forward with similar complaints.
Hindustan Times
21-05-2025
- Business
- Hindustan Times
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."
