Archive · 2 Jun 2025
Dubai Brokerage Firm Vanishes, Duping Investors of Millions
A company in Dubai promised big returns on investments but tricked people into giving them money.
They used friendly phone calls and spoke in their native languages to gain trust.
People invested a lot of money, but the company disappeared, taking all the money.
The company wasn't even allowed to do what they were doing, and the offices they claimed to have didn't even exist.
Now, those who invested have lost their money, and the company is gone.
Dubai-based Gulf First Commercial Brokers vanished, defrauding investors.
Investors, including Indian expats, lost millions of dirhams to forex offers.
The firm used cold calls and native language speakers to gain trust.
Gulf First directed clients to unregulated Sigma-One Capital.
Authorities confirmed Sigma-One Capital lacks necessary regulatory approvals.
- Who
- Investors, including Indian expats, targeted by Gulf First Commercial Brokers.
- What
- A brokerage firm defrauded investors.
- When
- The firm vanished overnight.
- Where
- Dubai, UAE.
- Why
- To steal investors' money through deceptive forex trading.
- Location
- Dubai, UAE
- Companies Involved
- Gulf First Commercial Brokers, Sigma-One Capital
- Type of Scam
- Forex trading
- Estimated Losses
- Millions of dirhams
- Tactics Used
- Cold calls, native language speakers
- Sigma-One Capital Status
- Unregulated
- Regulatory Bodies
- DFSA, SCA