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28 Feb 2024, 09:42 am | Regulator or Authority Impersonation

Rasmala Investment Bank Limited and the DFSA Impersonated in a Recent Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a scam in which the scammers falsely claim to be an Authorised Firm based in the Dubai International Financial Centre (DIFC) and regulated by the DFSA.

The scammers approach investors to provide funds for investment purposes. When investors attempt to withdraw their funds, the scammers tell them they are required to pay an additional 5% of the amount invested to the ‘DFSA account at the Central bank of the UAE’ before the funds can be released. A fraudulent document entitled “Approval of Release from the Tax Authority” is used by the scammers in this regard.

In doing so, the scammers impersonate a legitimate DIFC incorporated and DFSA regulated Firm called Rasmala Investment Bank Limited (RIBL) by:

  • using the name “Rasmala Investment Company PJS”, which is similar to Rasmala Investment Bank Limited;
  •  establishing a fake website (“rasmaltrading.com”) which uses a Rasmala logo that is similar to RIBL’s actual logo;
  • using RIBL’s actual logo as part of its letterhead and WhatsApp profile picture;
  •  using the name, DIFC office address and DFSA reference number of RIBL.

The scammers also:

  • use the DIFC’s and DFSA’s logos without their authority;
  • name a member of the DFSA’s senior management without his authority and fake his signature;
  •  use a fake DFSA stamp;
  •  falsely represent that the DFSA charges fees for approving the release of funds from the “Tax Authority”. The DFSA does not charge such fees, and is not associated with any “Tax Authority”; and
  •  falsely state that the DFSA has an “account” with the Central Bank of the UAE. The DFSA does not have any such account.

In addition, the DFSA informs you that, unlike RIBL, “Rasmala Investment Company PJS” is not and has never been:

  • licenced nor authorised by the DFSA;
  • Incorporated in the DIFC;
  • licenced or registered by the DIFC Registrar of Companies; or
  • licenced or registered by the DIFC Authority.

The DFSA strongly advises that individuals should not respond to any communications regarding the above scam, and under no circumstances should they send any money to the scammers.

Further, the DFSA notes that RIBL and the DFSA were previously impersonated in a similar scam for which the DFSA issued the following Alert.

The DFSA suggests that firms and individuals can avoid being scammed by:

  • checking the relevant regulatory status of a person before doing business with them;
  • only doing business with firms or individuals you trust. Dealing with people you have never met may carry a higher risk; be particularly cautious when receiving unsolicited communications; and
  •  obtaining independent professional advice before entering any investment or transaction.

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 licenced 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 at: COMPLAINTS

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