Latest news with #Poyyl
Indian Express
21-05-2025
- Business
- Indian Express
How a Dubai firm vanished overnight with millions, leaving Indian investors in the lurch
In a shocking case of financial fraud, a UAE-based brokerage firm has vanished overnight, leaving scores of investors—including many Indian expats—struggling to recover millions. Gulf First Commercial Brokers, once operating out of two plush offices in Dubai's Business Bay, has reportedly shut down operations without any notice. Until last month, the firm had nearly 40 employees working out of Capital Golden Tower, aggressively cold-calling investors with forex trading offers, according to Khaleej Times. Now, the offices lie abandoned, strewn with dust, ripped phone cables, and unanswered questions. '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. Among those defrauded were Kerala-based expats Mohammad and Fayaz Poyyl, who together 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. It's like they never existed,' Poyyl told Khaleej Times after visiting the deserted office. Another Indian investor, Sanjiv, claimed the firm directed clients toward an unregulated online platform, Sigma-One Capital. 'The brokerage firm guaranteed safe returns and repeatedly assured innocent investors to convince them to invest their life savings,' he said. Mohammad, who lost $50,000, said the staff used the names Gulf First and Sigma-One interchangeably, claiming they were part of the same operation. Most victims said they were lured purely through persuasive 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,' Poyyl recalled. A police complaint has been filed against both Gulf First and Sigma-One. Investigations revealed that Sigma-One Capital is not authorised by either the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). The firm claimed to be registered in St. Lucia and said it had a Dubai office at Musalla Tower in Bur Dubai—but no such office exists. Authorities confirmed that there are no records of Sigma-One ever operating from the location.
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.
