The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a scam involving the impersonation of CGL (Dubai) Limited, a DFSA Authorised Firm.

The scammers have created a fraudulent website (“cgl-limited.net”), that falsely claims to offer trading services through a trading platform and uses the name of CGL (Dubai) Limited without permission.

The scammers pressure victims to make additional deposits and increase turnover before withdrawals can be proceeded from this platform. They communicate via video calls and messages, using multiple international phone numbers.

The DFSA strongly advises you not to visit the fraudulent website or respond to any communications related to this 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 DIFC Authority, DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function at Complaints.