DFSA
Enquiries
Services
Sign In

Alerts

Back to alerts
25 Jul 2025, 08:04 am | Regulator or Authority Impersonation

DFSA licensed firm impersonated in trading scam

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

In this case, the scammers:

  • used names – “Sigma-One Capital” or “Sigma One-Capital” (the False Firm) – that are deceptively similar to the name of a legitimate DFSA Authorised Firm;
  • misappropriated the office address and landline number of the legitimate DFSA Authorised Firm;
  • communicated using different landline or mobile numbers – including 0585395829, 0585392251, 0585616683 and 0585449834 – and email addresses such as [email protected] and [email protected], which do not belong to, and have no connection with, the legitimate DFSA Authorised Firm.

In addition, the False Firm:

  • encouraged investors to open accounts and deposit funds for trading;
  • transferred these accounts to another firm named Grow Plus Market Limited;
  • did not return funds following investors’ fund withdrawal requests; and
  • demanded additional payments from investors for the release of their funds.

The following individuals are reported to be involved in the scam:

  • Sujinth Sakthivel – mobile number 0585616610;
  • Avinash – mobile numbers 0585143378 and 0585071642; and
  • Sanjay – mobile number 0585073260.

The DFSA informs you that:

  • neither the False Firm nor Grow Plus Market Limited are, or have been, authorised by the DFSA;
  • neither the False Firm nor Grow Plus Market Limited are, or have been, located in the Dubai International Financial Centre (DIFC) or registered by the DIFC Authority;
  • the address and landline number used by the False Firm belong to a legitimate DFSA Authorised Firm; and
  • the individuals named above are not, and have never been, authorised by the DFSA to conduct financial services in or from the DIFC.

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 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 

For better web experience, please use the website in portrait mode