The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a scam in which the scammers falsely claim to be an Authorised Firm based in the Dubai International Financial Centre (DIFC) and regulated by the DFSA.

The scammers contact investors by WhatsApp and telephone.  They claim to be the 'Russian Department' of a legitimate DIFC-incorporated and DFSA-regulated Firm called CIMD (Dubai) Ltd (CDL) by:

•  using the name 'CIMD Limited (Russian Department)';
• establishing a fake website ('https://trade.cimdltd.com');
• establishing other fake URL links 'https://cimdltd.com/ru/terms#' and 'https://cimdltd.com/ru/contacts' only accessible to the investor it is sent to using the name 'CIMD Ltd';
•  using a fake email address with the domain '@CIMDLtd.net'; and
•  using CDL’s real DIFC office address and DFSA reference number.

The scammers also use the DIFC’s and DFSA’s names without authority.

The DFSA informs you that:

•  CDL does not have a Russian Department;
• CDL does not have any agents operating on their behalf associated with the name “CIMD Ltd”; and
•  the legitimate website for CDL is https://www.grupocimd.com/en/companies/cimd-dubai-ltd.

The DFSA strongly advises you not to respond to any communications regarding 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 is 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, 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