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14 Sep 2023, 09:59 am | Unauthorised firm

Company falsely claims to be in the DIFC in an advanced fee scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to an advance fee scam by Abu Shoosha Commercial Brokerage LLC (ASCB) and Global Capital Funding Incorporation LLC (GCFI).

ASCB falsely claims on its website (https://www.ashcob.com) that it is located at an address in the Dubai International Financial Centre (DIFC), and GCFI falsely claims on its website (https://globalcapitalfundinginc.com) that one of its directors is a member of the DIFC Authority Board.

GCFI offers to provide loans to other companies to fund projects.  In order to obtain a loan, a borrower is required to pay “due diligence” fees and a premium for a surety bond from an insurance company nominated by GCFI, namely ASCB.  

The DFSA informs you that:

  • neither ASCB nor GCFI are regulated by the DFSA;
  • neither ASCB nor GCFI are located in the DIFC;
  • insurance firms in the DIFC are only permitted to provide reinsurance products.  They are not permitted to provide insurance products; and
  • no individual named on GCFI’s website is a member of the DIFC Authority Board.

The DFSA strongly advises that you do not respond to any communication regarding this scam, and under no circumstances should you send or give any money to any party in connection with 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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