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24 May 2022, 12:59 pm | Regulator or Authority Impersonation

An Authorised Firm, the DFSA, and other UAE authorities impersonated in an advance fee scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a scam in which an Authorised Firm, the DFSA and other UAE authorities were impersonated.

The scammers issued a fake fund investment management contract bearing the logos of and references to the DFSA, an Authorised Firm and three other UAE authorities.  When an individual complained about not receiving any profits from his investment, the scammers requested an additional SAR11,250 for VAT purposes in order to deposit the profits into the individual’s bank account. The complaint form supplied by the scammers to the individual also impersonated an Authorised Firm. 

A copy of the fake contract and fake complaint form can be found here.

The DFSA informs you that the contract and the complaint form are fake and are being used for a malicious purpose. The DFSA does not review or approve any contracts between a firm and its investors. The DFSA also informs you that regulatory authorities generally do not review or approve such contracts.

The DFSA strongly advises that you do not respond to the perpetrators of the scam, and under no circumstances should you send or give any money to any party connected to 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: ALERTS

The 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 SCAMMED

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's: PUBLIC REGISTER

If 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 on: COMPLAINTS 

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