Dubai Brokerage Firm Disappears Overnight; Indian Investors Among Victims of Alleged Scam

In a major financial fraud case, Gulf First Commercial Brokers an allegedly fraudulent firm operating from Business Bay has abruptly shut down operations, leaving behind deserted offices and angry investors, including several Indians who claim to have lost large sums of money. 

Broker Office Abandoned Overnight 

Gulf First Commercial Brokers, once operating out of Capital Golden Tower in Dubai’s upscale Business Bay, vanished overnight without prior notice. According to news reports, when investors arrived, the office was stripped bare, with only a mop and a garbage bag left behind. A security guard confirmed the company had hastily vacated. 

Indian Investors Among the Worst Hit 

Several Indian nationals are among those impacted. Kerala natives Mohammad and Fayaz Poyyl said they invested $75,000 in the firm, only to find the office abandoned. One investor from Karnataka, who lost $230,000, said he was lured in by a Kannada-speaking relationship manager. Initially, he was allowed to withdraw small profits, which built trust. But later, withdrawals were blocked, and he was pressured into riskier trades. 

Fraud via Unregulated Platform 

Multiple victims claim that Gulf First directed them to invest through Sigma-One Capital, an unregulated online trading platform. Investors allege they were promised guaranteed returns, only to be defrauded. 

Dubai Police have filed a case against both Gulf First and Sigma-One. Investigations revealed Sigma-One is not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). Although the company claimed to be registered in St. Lucia and to have an office in Musalla Tower, no such location was found to exist. 

Also Read:Credit Card Scam Alert: Hyderabad Man Loses ₹1.8 Lakh – How You Can Stay Safe. 

Wider Implications 

This incident highlights the growing risk of unregulated financial firms operating in the UAE. Authorities have been urging investors to verify credentials before transferring funds, especially when returns seem too good to be true. 

Conclusion 

With Dubai Police now investigating the scam and regulators closing in, victims are hoping for accountability. Meanwhile, the case serves as a stark warning against unverified investment schemes and highlights the urgent need for stronger enforcement against financial fraud in the region. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.