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01 May 2014, 12:05 pm | Regulator or Authority Impersonation

False DIFC Documents used to Promote a Fraudulent Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fraudulent scam undertaken by people claiming to be associated with, or agents of the Dubai International Financial Centre (DIFC).The fraudulent scam is in the form of a loan agreement titled “Official Fund Approval Notification” and bears the DIFC letterhead. The fund approval notification document has been sent from the following email address:[email protected] fund approval notification is a false document which has been used by the scammers to legitimise a fraudulent scheme. An example of the false document bearing the DIFC letterhead can be viewed here.The false document alleges that the “Loan Award Committee” has approved the transfer of funds to the named borrower, subject to a fee payment of 3.5% of the amount to be borrowed.  The 3.5% fee is allegedly for “the applications, registration, attorney fee, consultancy fee and everything related to the issuance of the loan”.  The document falsely represents that the transfer of funds has been approved in the presence of legitimate former and current employees of the DIFC.The DFSA informs you that the DIFC does not:- Have a “Loan Award Committee”- Lend money to consumers or provide access to funds or credit; and- Issue loans and, therefore, does not charge a 3.5% fee.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 has a page on its website dedicated to Alerts which it has issued in relation to scams. All Alerts issued by the DFSA may be accessed by going to:Your-Resources/dfsa-alertsThe DFSA has also recently issued warnings and guidance about 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 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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