The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to an entity, Astara Bay Capital, falsely claiming to be regulated by the DFSA.
The entity has established a website namely “astarabaycapital.com” which falsely claims that “Astara Bay Capital is regulated by the Dubai Financial Services Authority (DFSA).”
Facebook profile 61563460435893 named “Astara Bay Capital - DFSA-Regulated Real Estate Fund” falsely states that Astara Bay Capital is a “DFSA-regulated, DIFC-based real estate fund providing structured exposure to Dubai’s high-growth property market.”
Similar false claims to being a company incorporated in the DIFC or fund Regulated by the DFSA are repeated by the entity and its founder, who identifies himself as Mr Shad Kayani, on other social media platforms including the following Instagram accounts: “@shad.kayani”, “@blingagent”, “@astarabay” and “@astarabaycapital”.
The DFSA informs you that:
The DFSA strongly advises you not to respond to any communications regarding this entity, and under no circumstances should you send or give any money to any party connected to Astara Bay Capital.
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 at Complaints.
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