Dubai Firm Vanishes Overnight, Investors Lose Millions Of Dirhams

A Dubai-based brokerage firm vanished overnight without a trace, taking millions of dirhams from the investors. According to a report by Khaleej Times, the Dubai firm had two spaces at the Capital Golden Tower which had around 40 employees until last month.

Both offices are now fully abandoned with floors covered in dust, phone wires snapped, and millions of investors’ funds gone without any explanation. The employees at the company cold-called investors with forex offers. “They returned the keys, cleared everything out, and left like they were in a hurry,” a security guard told Khaleej Times. “Now we have people coming daily asking about them.”

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Among the affected includes Indian expats Mohammed and Fayaz Poyyl from Kerala, who had lost $75,000 of their investment. Fayaz said that he visited the office believing to get answers but all he saw was empty offices. “We called every number, but no one responded. It’s like they never existed,” he said.

Another Indian investor had said how the Gulf First Commercial Brokers aggressively had pushed their clients towards Sigma-One Capital, an unregulated online platform. A police complaint has been filed against both the firms. Investigations had further confirmed that Sigma One Capital operated without DFSA or SCA authorisation.

Fayaz and Mohammed said they were convinced to invest based on the cold calls they had received. Initially, they were convinced to deposit $1,000. The platform had also shown small profits at first which helped them gain trust from the investors. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”

Most of the victims, to meet the demands, had maxed out their credit cards or even took loans.
Upon police investigation, they found out that the company which claims a St. Lucia registration and Bur Dubai office in Musalla Tower was fake, as no such office existed. Moreover, there was no record of such company being operating there as well.

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The scam had followed a familiar pattern seen in fraud cases in the UAE, where the residents had lost millions to dubious platforms like DuttFx and EVM Prime. The common factor was that all scams were initiated through cold calls promising “secure trading environments.”