The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which a DFSA authorised firm, EGS Capital Limited (the Firm), has been impersonated.

The scammers set up fraudulent website – namely,  https://egscapltd. com/contactus and egscapit.com – which used the Firm’s name and address in DIFC without the Firm’s permission.

To validate the scam, the scammers fraudulently:

• cloned the Firm’s website, including its branding, structure, style and presentation;
• used the Firm’s address in DIFC;
• used other international addresses (namely, “Tower 42, 25 Old Broad Street, London, EC2N 1HQ” and “Strawinskylaan 1, 1077 XW Amsterdam, Netherlands”) that are not associated to the Firm;
• claimed to be licensed by the DFSA; and
• used the email address “[email protected]” and the phone number +441228248041, which do not belong to, and have no association with the Firm.

The scammers also issued a fraudulent letter that:

• impersonated the Firm, using a fake letterhead, logo and company stamp;
• impersonated the Firm’s Money Laundering Reporting Officer by using their name and a forged signature; and
• requested payment from a potential victim purportedly for outstanding fees and charges.

The letter was not issued, approved, or authorised by EGS Capital Limited or any of its officers or representatives.

The Firm’s legitimate website domain is https://www.egscapitalltd.com/.  The DFSA strongly advises you to ensure that you are accessing the Firm’s legitimate website. Though the fraudulent websites mentioned above are no longer available, the DFSA suspects that the scammers will set up more fraudulent websites.

The DFSA also 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