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India Today
21-05-2025
- Business
- India Today
Indians among investors duped of millions as Dubai firm vanishes overnight
Several investors, including Indians, lost millions of dirhams after a Dubai-based brokerage firm, in which they were lured to invest, reportedly vanished overnight, according to a report in The Khaleej Times. Gulf First Commercial Brokers operated out of two office spaces in the Capital Golden Tower in Dubai's Business Bay. From these offices, around 40 employees made relentless cold calls to investors, pitching forex company was based in a prominent business hub until last month, and the fraudsters even spoke to the investors in their native language to win their those affected are Keralite expatriates Mohammad and Fayaz Poyyl, who together invested $75,000 (approximately Rs 62.6 lakh). "I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded," The Khaleej Times quoted Fayaz as saying. "It's like they never existed," he further said, standing outside the closed COMPANY FRAUDSTERS SPOKE IN KANNADAAnother Indian investor who lost over $230,000 (approximately Rs 2 crore) to Sigma-One Capital said the company paired him with a relationship manager who spoke his native Kannada and promised incredible returns."The platform showed small profits at first, and I even withdrew some money — just enough to build trust," The Khaleej Times quoted the unnamed investor with roots in Karnataka as the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits," he situation started deteriorating as his relationship manager intensified demands. "He kept urging me to invest more, while the trading platform began displaying irregularities," he said."I used credit cards, bank transfers, even my wife's savings," he disclosed. He further said, "Each deposit was supposed to be the last."Security personnel at Capital Golden Tower recalled a hurried departure."They handed over the keys, cleared out everything, and left in a rush," one guard told the publication. "Now we have people coming daily asking about them," the guard STAFF USED NAMES GULF FIRST, SIGMA-ONE INTERCHANGEABLY: INVESTORThe details of the scheme are now emerging. Sanjiv, another Indian investor, shared how Gulf First Commercial Brokers aggressively directed clients to Sigma-One Capital, an unregulated online said the brokerage firm guaranteed safe returns and repeatedly assured innocent investors to convince them to invest their life savings, according to The Khaleej who lost $50,000, said that company staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation.A police complaint has been lodged against both the firms, Gulf First and Sigma-One, The Khaleej Times revealed that Sigma-One Capital is operating without authorisation from either the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).The company claimed it had registered in St Lucia, Eastern Caribbean island, and had a Bur Dubai office in Musalla Tower, Dubai, but no such office exists in reality."I wish I'd checked their credentials," The Khaleej Times quoted another investor. "Now we're left with empty offices and empty bank accounts."'MOST INVESTORS CONVINCED TO INVEST IN FIRM THROUGH PHONE CALLS'Fayaz and Mohammad said they were persuaded to invest solely 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," Fayaz scam mirrors a familiar pattern. In March, Khaleej Times reported how UAE residents lost millions to questionable platforms like DuttFx and EVM Prime—both promoted through cold calls that promised a "secure trading environment".Victims typically maxed out credit cards or took loans, only to discover the companies' Dubai offices were fictional. Investors suspect these operations belong to the same syndicate, according to The Khaleej Times. advertisement
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.
News18
21-05-2025
- Business
- News18
‘Convinced Over Phone', Indians Lose Millions As Dubai Firm Vanishes: ‘Garbage Bag, Mop Remain'
Last Updated: A Dubai-based broking firm has vanished overnight with millions of investors' funds. A brokerage firm with headquarters in Dubai disappeared overnight, taking millions of dirhams in investor funds with it. A black garbage bag and a mop in a bucket are the only things left outside suite 302 of the Capital Golden Tower in Dubai's Business Bay. A report in The Khaleej Times claims that Gulf First Commercial Brokers, which occupied the space only a few weeks ago, has since vanished. Up until last month, Gulf First employed about 40 people who were dispersed between suites 302 and 305 of the Capital Golden Tower in the central business centre of Dubai. They were responsible for cold phoning prospective investors and promoting foreign exchange investments. Both suites are currently empty. The floors are covered in dust, and phone wires have been torn out. 'They returned the keys, cleared everything out, and left like they were in a hurry," the publication quoted a security guard at Capital Golden Tower as saying. 'Now we have people coming daily asking about them," he added. Reportedly, Kerala expats Mohammad and Fayaz Poyyl invested $75,000 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," Fayaz told The Khaleej Times. The Kerala expats were influenced to part with their hard-earned money via 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. According to another victim of the scam, who lost $230,000, he was paired with a relationship manager who conversed with him in Kannada. 'The platform showed small profits at first, and I even withdrew some money, just enough to build trust," the investor told The Khaleej Times. 'Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits," he added. Meanwhile, an Indian investor named Sanjiv claimed that Gulf First Commercial Brokers aggressively encouraged customers to make investments via the unregulated internet portal Sigma-One Capital. 'They guaranteed safe returns," said Sanjiv, who now feels remorse for investing his life's wealth in the plan. In addition, police have launched a complaint against both companies and confirmed that Sigma-One Capital does not have Dubai Financial Services Authority (DFSA) or Securities and Commodities Authority (SCA) approval. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated!
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Investors lose millions of dirhams as brokerage firm vanishes overnight
A black garbage bag and a mop resting inside a bucket lean against suite 302 at Capital Golden Tower — the only remnants outside Gulf First Commercial Brokers' now-abandoned offices in Business Bay. Until last month, around 40 employees filled suites 302 and 305, relentlessly cold-calling investors with forex offers. Today, both spaces stand empty: phone wires ripped from walls, dust coating the floors, and millions in investor funds gone without explanation. Among the scores left in limbo are Keralite expats Mohammad and Fayaz Poyyl, who invested $75,000 between them. "I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, no one responds" said Fayaz, standing outside the doors. 'It's like they never existed.' Stay up to date with the latest news. Follow KT on WhatsApp Channels. The scheme's mechanics are now coming to light. Sanjiv, another Indian investor, described how Gulf First Commercial Brokers aggressively pushed clients toward Sigma-One Capital, an unregulated online platform. "They guaranteed safe returns," he said, explaining how repeated assurances convinced him to invest his life savings. Mohammad, who lost $50,000, revealed staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation. A police complaint has been filed against both firms. Investigations confirm Sigma-One Capital operates without DFSA or SCA authorisation. The company claims a St. Lucia registration and a Bur Dubai office in Musalla Tower, but no such office exists. In fact, there are no records of the company ever operating there. "I wish I'd checked their credentials," said another investor. "Now we're left with empty offices and emptier bank accounts." Familiar playbook The scam follows a familiar pattern. In March, Khaleej Times uncovered how UAE residents lost millions to dubious platforms like DuttFx and EVM Prime— all promoted through cold calls promising "secure trading environments". Victims typically maxed out credit cards or took loans, only to discover the companies' Dubai offices were fictional. Investors suspect these operations belong to the same syndicate. Fayaz and Mohammad said they were convinced to invest purely based on 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,' Fayaz recalled. An investor who lost over $230,000 (Dh844,777) to Sigma-One Capital said the company paired him a relationship manager who spoke his native Kannada and promised incredible returns. "The platform showed small profits at first, and I even withdrew some money — just enough to build trust," the investor recalled. "Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits." The situation deteriorated as his relationship manager intensified demands. 'He kept urging me to invest more, while the trading platform began displaying irregularities. It even showed trades in obscure or non-existent assets like ' — a discovery I made much later.' Desperate to recoup losses, he drained his financial resources. "I used credit cards, bank transfers, even my wife's savings," he admitted. "Each deposit was supposed to be the last." His story mirrors many others left financially ruined. AA now fields daily calls from creditors after borrowing from friends and taking a personal loan to invest. Another victim faces bank lawsuits after maxing out two credit cards. Security staff at Capital Golden Tower described a rushed evacuation. "They returned the keys, cleared everything out and left like they were in a hurry," said a guard. "Now we have people coming daily asking about them." Sources reveal the operation followed a calculated script: Call centres would initiate contact, secure first deposits, then hand targets to relationship managers. Khaleej Times tried reaching Sigma-One and Gulf First Commercial Brokers' employees. Most phones went unanswered; the sole respondent, a regional manager, hung up upon hearing "newspaper".
