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25 Jan 2012, 12:01 pm | Regulator or Authority Impersonation
DIFC Impersonated in a Fraudulent Email Scam
The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to fraudulent e-mail scams by people claiming to be associated with, or agents of the Dubai International Financial Centre (DIFC).The DFSA has been notified of recent conduct involving inpiduals claiming to represent the DIFC, using the names of Hassan Adnan and Khalifa Mohamed. The e-mail addresses used by those inpiduals are web-based e-mail addresses, such as Yahoo, Gmail or Hotmail.The e-mails offer unsuspecting consumers an opportunity to share in a backlog of "Excess Maximum Return Capital Profits (EMRCP)." This is a reference to sharing in alleged excess profits in the amount of USD 55 billion, and invites people to act as “Investment Portfolio Holders and Administrators”, i.e. managers of the alleged profits.Investors are warned that offers such as this are too good to be true and are, therefore, too fanciful to be believed. Furthermore, promoters use terms, such as those referred to above, to confuse consumers as to the services or products that are alleged to be offered. Consumers should avoid services and products that are not easily understood or in such circumstances seek professional advice.The fraudulent scheme purports to be attractive to inpiduals seeking finance as it offers financial rewards to those who participate.To have access to the offered funds, unsuspecting consumers are told that they need to:• complete and submit a DIFC loan application form;• register a company in the United Arab Emirates (UAE), in Ras Al Khaimah free-zone and acquire a financial licence;• acquire a “Non Indigenous Clearance Mandate”; and• locate a “Sole Guarantor or Sponsor” in the UAE.The loan application form is a false document which has been used by the scammers to legitimise the fraudulent activity. An example of the false application form bearing the DIFC letterhead can be viewed here
. The e-mails referred to above, are linked to organised fraud and the DFSA strongly advises that you do not respond to such invitations.The DFSA informs you that neither the DIFC nor the DFSA:• lends money to consumers or provides access to lines of credit;• charges fees for accessing funds;• requires inpiduals or companies to be licensed or registered with any free-zone in the UAE other than the DIFC;• requires inpiduals or companies to locate a sole guarantor/sponsor or have a clearance mandate;• licenses or uses agents; or• communicates via private e-mail address (i.e. Gmail, Yahoo, or Hotmail)If you have any concerns about the authenticity of any DIFC or DFSA correspondence or documents, you should direct your concerns to the DIFC on +971 4 362 2222 or to the DFSA Complaints function by accessing the complaints portal on the DFSA website or by calling the DFSA on +971 4 362 1576.
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