Dubai: A brokerage firm in Dubai, United Arab Emirates (UAE), has vanished overnight, leaving thousands of Indians – most of them expatriates – penniless.
According to Hindustan Times, Gulf First Commercial Brokers operated out of Suites 302 and 305 at Capital Golden Tower in Dubai’s Business Bay. The company had nearly 40 employees who cold-called potential investors and promoted forex investments.
According to Khaleej Times, both suites are now vacant. Phone lines have been ripped off and the floors are coated with dust. A security guard has been quoted as saying that ‘they’ cleared everything out, returned the keys and left in a hurry. Now investors are turning up every day to check.
Among those who lost money are Mohammad and Fayaz Poyyl, both expats from Kerala. They claim to have invested US$ 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 $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” said Fayaz.
Another person who lost US$ 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 US$ 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.
