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13 Nov 2012, 12:11 pm

False DFSA and Abu Dhabi Investment Authority (ADIA) Documents used to Promote an Advance Fee Scam

The Dubai Financial Services Authority (DFSA) alerts the community to a fraudulent Advance Fee scam which involves the unauthorised and fraudulent misuse of DFSA Forms and the name of the Abu Dhabi Investment Authority (ADIA).The way that the scam operates is as follows:1. The scammer contacts companies and/or investment firms (the Recipient) by email and claims to be a representative of ADIA.  The email states that ADIA is seeking investment opportunities, and requests the Recipient to send a business proposal for consideration by ADIA.The person sending the email is NOT a representative or employee of ADIA.2. The scammer then sends the Recipients an email stating that the proposal has been reviewed and approved by the ADIA investment team. The email attaches a document, entitled “ADIA Terms Sheet Request Form” and contains ADIA’s logo and address.The “ADIA Terms Sheet Request Form” document is a false document, and ADIA has NOT authorised the use of its name and logo on this document. The document can be viewed at the following link: Click here.  3. The scammer also sends the Recipient two application forms entitled “Application for Recognition as a Recognised Member” and “Application for Registration as an Ancillary Service Provider”. The scammer states that the Recipient is required to complete the applications to be recognised by, and registered with, ADIA as a consultant. The two application forms request payment of a total of USD $12,000 to a UAE bank account.These application forms are fraudulent copies of legitimate DFSA application forms which are publically available on the DFSA’s website. Each document has been altered so that the DFSA’s name and logo has been replaced with ADIA’s. ADIA has NOT authorised the use of its name and logo on these documents, nor has the DFSA authorised the use of these documents.  The application forms can be viewed at the following links:Application for Recognition as a Recognised Member, click hereApplication for Registration as an Ancillary Service Provider, click hereIt is a contravention of DFSA Law and Rules for a person to misuse the DFSA’s documents and information. The DFSA strongly advises you not to deal with the fraudulent scheme.The DFSA has recently issued warnings and guidance in regard to the common types of scams perpetrated on consumers. For more information on these scams, please go to:HowToAvoidBeingScammedIf you have any concerns about the authenticity of a Firm’s regulatory status you should direct your concerns to the DFSA Complaints function by accessing the complaints portal on the DFSA website or by calling the DFSA on tel +971 4 362 1 576.Please be aware that ADIA takes incidents of this nature seriously, and is concerned that the fraudulent Advance Fee scam which is the subject of this DFSA Alert, involves the unauthorised and fraudulent misuse of its name and logo.ADIA does not provide any form of banking services to inpiduals or companies or serve as a representative of any financial institution. Under no circumstances would ADIA and its employees initiate emails or telephone calls requesting inpiduals to disclose or confirm their personal or financial information.  If you are contacted by inpiduals or institutions purporting to be from ADIA and requesting you to:• Send money or funds; and/or• Provide personal information such as account details, personal identification details and/or passwords,Then please report such inpiduals or institutions immediately to your local police authority.For more information, please refer to the following Fraud Alert available on ADIA’s website:http://www.adia.ae/En/Gn/Fraud.aspx

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