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03 Apr 2016, 12:04 pm

Al Jomaih Investments Ltd Impersonated in a Fraudulent Advance Fee Scam

The DFSA warns the financial services community and the public of an advance fee scam in which Al Jomaih Investments Ltd (Al Jomaih) is fraudulently impersonated.Individuals are approached by persons who claim to be acting on behalf of Al Jomaih, and are offered loan facilities to finance different types of projects and investments.The scammers then ask the individuals to sign an “Unconditional Approval Guarantee Letter”. This letter states that the loan funds will be disbursed upon the setting up of a Special Purpose Vehicle (SPV), which is required by a government authority in the United Arab Emirates.The scammers also send the individuals a false document, claiming to be issued by a government authority in the UAE, requiring the individuals to pay fees of between USD13,000- USD18,000 for the purpose of approving and setting up the SPV.Al Jomaih is a registered company in the DIFC (Registration No.0167). However, it does not provide financial services in or from the DIFC and is not licensed by the DFSA.
Al Jomaih has confirmed that it:The DFSA strongly advises that individuals do not respond to any communication regarding the scam, and under no circumstances should they send any money to any party involved in the scam.
The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to:ALERTSThe DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to:HOW TO AVOID BEING SCAMMEDThe DFSA encourages consumers to refer to the list of regulated firms that is available on DFSA's public register and may be accessed by going to:PUBLIC REGISTERIf you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function onWWW.DFSA.AE
 

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