Investors Including Indians Lose Millions; Dubai Firm Disappears Overnight

After collecting millions of dirhams from investors, a UAE-based brokerage firm vanished overnight. Last month, Gulf First Commercial Brokers ran two offices in Capital Golden Tower in Dubai's Business Bay. Close to around 40 employees cold-called investors with forex offers, Khaleej Times reported.

With dusty floors, ripped phone wires and millions of funds vanishing into thin air, both the offices have been abandoned.

“They (firm management) returned the keys, cleared everything out, and left like they were in a hurry,” a security guard at Capital Golden Tower told the publication.

“Now we have people coming daily asking about them,” he added.

Indians defrauded

Kerala’s Mohammad and Fayaz Poyyl together invested $75,000 with Gulf First Commercial Bankers.

“I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded. It's like they never existed,” said Poyyl, who went to the firm’s office in Capital Golden Tower.

Another Indian, Sanjiv, said that Gulf First Commercial Brokers forced clients toward Sigma-One Capital.

Mohammad, who invested $50,000 with the firm said that company officials interchangeably used names like Gulf First and Sigma-One.

“My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” Poyyl recalled.

Police complaint

The police filed complaints against Gulf First and Sigma-One. Moreover, investigation reveals that Sigma-One Capital operates without authorisation from the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).