The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which a fake DFSA email address and two letters purporting to be from the DFSA are used.

The scam involves a trading platform purportedly operated by “Millennium Fund” (MF).  MF is not authorised by the DFSA or registered in the Dubai International Financial Centre (DIFC).

The fake DFSA letters are titled “Notification” and falsely state that:

• the DFSA has conducted an investigation into MF, and “identified a large number of violations” by MF and other associated entities in relation to a particular investor;
• the DFSA has found that the invested funds have been transferred to a third party; and
• the invested funds have been frozen and will be returned in Bitcoin by the third party.

The fake letters also provide the contact details of the alleged third party.

Purportedly on behalf of the third party, the scammers further demand a payment before returning the invested funds.

In an attempt to appear legitimate:

• the scammers correspond using a fake email address - [email protected] – purporting to be from “DFSA Support”;
• the fake letters use the DFSA logo without permission; and
• one of the fake letters purports to be from the Chief Executive of the DFSA and is falsely stamped and signed by the Chairman of the DFSA.

The DFSA informs you that the email address “[email protected]” is not a legitimate email address of the DFSA, and further informs you that the:

• fake letters have not been issued by the DFSA;
• signature and stamp on one of the letters are fake; and
• DFSA does not facilitate the return of invested funds, and does not demand payments for doing so.

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 DIFC Authority, DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on Complaints 

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