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31 May 2012, 12:05 pm | Regulator or Authority Impersonation

DIFC Individual Impersonated in a Fraudulent Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fraudulent email scam facilitated through the email address below:[email protected] email claims to represent His Excellency Abdullah Mohammed Saleh, Governor of the Dubai International Financial Centre (DIFC). It offers inpiduals an opportunity to share in a backlog of "Excess Maximum Return Capital Profits” (EMRCP), which may appear attractive to inpiduals seeking finance. The email falsely advises that the DIFC:• Wishes to invite the recipient to “participate as a broker/agent” to a “DIFC inpidualised equity investment portfolio management programme”;• Is “privately looking for fiduciary agents and management experts who will be willing to act as investment portfolio holders and administrators”;• Has “a back-log of an Excess Maximum Return Capital Profit of an average of 1.2% on each private investment and corporate portfolio under its administration and control”; and• Wishes to “re-invest this fund by putting it into the management of private businessmen and corporations with good business ideas that can generate at least 10% ROI per annum over maximum of 5 years duration. The fund will be disbursed based on a clear loan of 3.1% interest rate per annum for 5 years renewable tenure”.An example to the false email can be accessed hereShould any recipient of the email respond to the purported offer, they are provided with a false “partnership contract”. This document is a false document which is being used by the scammers to legitimise the fraudulent activity.An example of the false partnership contract can be accessed hereThe emails, referred to above, are linked to organised fraud. The DFSA strongly advises that you do not respond to any such invitations, and under no circumstances should you send the originator any money.The DFSA further informs you that:• His Excellency Abdullah Mohammed Saleh does not communicate through the  email address [email protected];• The DIFC is a 110 acre free-zone located within the city of Dubai and is not a financial institution; and • The DIFC does not provide equity investment portfolio management programmes, loans or investment funds.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 Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on www.dfsa.ae or via telephone on +971 4 362 1576.

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