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

The perpetrators of this scam:

• issued a fraudulent letter using the name of the Authorised Firm without permission;
• included a false account number in that letter; and
• used a fake email address: [email protected]. This email address is not connected to the Authorised Firm in any way.

The scammers also used a false DFSA letter entitled “Official Notice of Settlement – Indexation Approval”. This document falsely:

• stated that the DFSA had “approved an exceptional settlement procedure”, requiring an advanced payment called “settlement of an indexed repayment in full” in order to withdraw funds. The DFSA does not approve such settlement procedures and does not ask for advanced payments for settlement;
• used the DFSA’s logo without permission;
• claimed to be signed by a DFSA employee from the “DFSA Compliance Division”. There is no such division at the DFSA;
• included a fake DFSA stamp and forged signature. The DFSA does not use the seal shown on the false letter, and the signature on the document does not belong to any officer of the DFSA; and
• claimed that the DFSA would escalate to “formal audit procedures under DFSA Regulatory Enforcement” if payment was not made. The DFSA never requests payments for the release of funds.

The DFSA strongly advises you not to visit the website or respond to any communications regarding the above 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​​​​​.