Latest news with #TheKhaleejTimes
Time of India
5 hours ago
- General
- Time of India
Indian engineer dies due to cardiac arrest during scuba training at Dubai's Jumeirah Beach
A 29-year-old Indian expat lost his life during a scuba diving session at Jumeirah Beach on Friday — while spending the Eid Al Adha holidays with his family in Dubai, as per a report by The Khaleej Times. The deceased, identified as Issac Paul Olakkengil , was an engineer based in the UAE. His relative told The Khaleej Times, Issac suffered a cardiac arrest after experiencing difficulty breathing underwater. David Pyarilos, Issac's uncle who is assisting the family with the legal procedures, told the media house that the incident happened during a training session at a designated scuba diving area in Dubai on Friday. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Conheça o Alarme que afasta os Ladrões Verisure Leia mais Undo 'They were participating in a beginners' training session when Issac began to struggle with his breathing and drifted away from the rest of the group,' said Pyarilos. (Join our ETNRI WhatsApp channel for all the latest updates) He was immediately pulled out of the water and transported to a nearby hospital but could not be revived. Live Events ALSO READ: Dubai's new airport promises shorter queues, quicker check-ins & immigration procedures 'We are currently coordinating with the relevant authorities to complete the documentation needed for the repatriation of his body,' added Pyarilos. Advice for divers Filipino instructor Bimbo Calitis, founder and CEO of Amphibious Swim School in Jumeirah, told Khaleej Times: 'Those who want to learn diving must first check the background and credentials of the diving school.' ALSO READ: No more wait at the airport: Dubai to launch direct baggage delivery to your stay 'Once you sign a waiver, technically you are voluntarily relinquishing or surrendering some of your rights and, in the process, exonerate the diving school of legal responsibilities,' he added.
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
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!
