The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which a legitimate DFSA Authorised Firm was fraudulently impersonated.

The scammers:

• used the false name “Tell LTD” and operated an online trading platform through false websites; namely, “Tellltd.com” and “Tellltd.net”;
• misappropriated the DFSA registration number “F003077” and office address of the legitimate DFSA Authorised Firm;
• used landlines and/or mobile numbers which do not belong to, and have no connection with, the legitimate DFSA Authorised Firm; – i.e. +971-42473646 and +44-1225535027;
• used email addresses [email protected]” and [email protected], which do not belong to, and have no connection with, the legitimate DFSA Authorised Firm; and
• displayed an image of a falsified ‘Certificate of Principal’s Licence’ on its website “Tellltd.com” allegedly issued by an overseas regulatory authority.

Further, the scammers:

• encouraged investors to open accounts and trade on the online trading platform through the fraudulent websites;
• did not return funds to investors when investors sent withdrawal requests;
• required investors to deposit more funds into their accounts for the release of the investors’ funds; and
• published false profit information about trading in the shares of a well-known technology company on the fraudulent websites.   

The DFSA informs you that “Tell LTD”:

• is not, or has never been, authorised by the DFSA to conduct financial services in the Dubai International Financial Centre (DIFC);
• is not, or has never been, located in the DIFC or registered by the DIFC Authority;
• fraudulently uses a business address and DFSA registration number which belong to another legitimate DFSA Authorised Firm bearing the same name;
• fraudulently uses telephone numbers and email addresses which do not belong to the legitimate DFSA Authorised Firm; and
• operates fraudulent trading platforms and websites.

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 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

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