Dubai: Investors lose millions of dirhams as brokerage firm vanishes overnight
A black garbage bag and a mop resting inside a bucket lean against suite 302 at Capital Golden Tower — the only remnants outside Gulf First Commercial Brokers' now-abandoned offices in Business Bay.
Until last month, around 40 employees filled suites 302 and 305, relentlessly cold-calling investors with forex offers. Today, both spaces stand empty: phone wires ripped from walls, dust coating the floors, and millions in investor funds gone without explanation.
Among the scores left in limbo are Keralite expats Mohammad and Fayaz Poyyl, who invested $75,000 between them. "I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, no one responds" said Fayaz, standing outside the doors. 'It's like they never existed.'
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The scheme's mechanics are now coming to light. Sanjiv, another Indian investor, described how Gulf First Commercial Brokers aggressively pushed clients toward Sigma-One Capital, an unregulated online platform. "They guaranteed safe returns," he said, explaining how repeated assurances convinced him to invest his life savings.
Mohammad, who lost $50,000, revealed staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation.
A police complaint has been filed against both firms.
Investigations confirm Sigma-One Capital operates without DFSA or SCA authorisation.
The company claims a St. Lucia registration and a Bur Dubai office in Musalla Tower, but no such office exists. In fact, there are no records of the company ever operating there. "I wish I'd checked their credentials," said another investor. "Now we're left with empty offices and emptier bank accounts."
Familiar playbook
The scam follows a familiar pattern. In March, Khaleej Times uncovered how UAE residents lost millions to dubious platforms like DuttFx and EVM Prime— all promoted through cold calls promising "secure trading environments".
Victims typically maxed out credit cards or took loans, only to discover the companies' Dubai offices were fictional. Investors suspect these operations belong to the same syndicate.
Fayaz and Mohammad said they were convinced to invest purely based on phone conversations. '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,' Fayaz recalled.
An investor who lost over $230,000 (Dh844,777) to Sigma-One Capital said the company paired him a relationship manager who spoke his native Kannada and promised incredible returns. "The platform showed small profits at first, and I even withdrew some money — just enough to build trust," the investor recalled. "Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits."
The situation deteriorated as his relationship manager intensified demands. 'He kept urging me to invest more, while the trading platform began displaying irregularities. It even showed trades in obscure or non-existent assets like 'wheat.spot' — a discovery I made much later.'
Desperate to recoup losses, he drained his financial resources. "I used credit cards, bank transfers, even my wife's savings," he admitted. "Each deposit was supposed to be the last."
His story mirrors many others left financially ruined. AA now fields daily calls from creditors after borrowing from friends and taking a personal loan to invest. Another victim faces bank lawsuits after maxing out two credit cards.
Security staff at Capital Golden Tower described a rushed evacuation. "They returned the keys, cleared everything out and left like they were in a hurry," said a guard. "Now we have people coming daily asking about them."
Sources reveal the operation followed a calculated script: Call centres would initiate contact, secure first deposits, then hand targets to relationship managers.
Khaleej Times tried reaching Sigma-One and Gulf First Commercial Brokers' employees. Most phones went unanswered; the sole respondent, a regional manager, hung up upon hearing "newspaper".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
12 hours ago
- Dubai Eye
Air India warned for breaching pilots' flight duty timings
India's aviation watchdog has issued a warning to Air India for "repeated and serious violations" related to pilot duty scheduling and oversight, according to government directives reviewed by Reuters on Saturday. The Directorate General of Civil Aviation (DGCA) directed Air India to remove three company executives from crew scheduling roles - a divisional vice president, a chief manager of crew scheduling and one planning executive - for lapses linked to flights from Bengaluru to London on May 16 and May 17 that exceeded the stipulated pilot flight time limit of 10 hours. The June 20 order cited "systemic failures in scheduling protocol and oversights" and criticised the lack of strict disciplinary measures against responsible officials. The latest action by the aviation authority against the airline is unrelated to this month's crash of an Air India Boeing plane that killed all but one of the 242 people onboard but signal heightened scrutiny of the airline. On Thursday, Reuters reported the authorities had also warned Air India for breaching safety rules after three of its Airbus planes flew despite being overdue for checks on emergency equipment of escape slides. The latest order by assistant director of operations at the DGCA, Himanshu Srivastava, said: "Of particular concern is the absence of strict disciplinary measures against key officials directly responsible." In a statement to Reuters, Air India said it has implemented the DGCA order and in the interim, the company's chief operations officer will provide direct oversight to the Integrated Operations Control Centre. "Air India is committed to ensuring that there is total adherence to safety protocols and standard practices," it added. The DGCA stated in its order that Air India had voluntarily disclosed the violations. Air India was taken over by the Tata Group in 2022 and faces many challenges in its attempts to rebuild its image, after years of criticism from travellers for poor service. The Indian regulator, like many abroad, often fines airlines for compliance lapses. India's government in February told parliament that authorities had warned or fined airlines in 23 instances for safety violations last year. Around half of them - 12 - involved Air India and Air India Express. The biggest fine was $127,000 on Air India for "insufficient oxygen on board" during some international flights.
Gulf Today
2 days ago
- Gulf Today
Maersk halts stops in Israel's Haifa due to Iran-Israel conflict
Danish shipping giant Maersk announced on Friday that it was temporarily suspending vessel calls in Israel's Haifa port due to the country's conflict with Iran. Maersk said it made the decision after "careful analysis of threat risk reports in the context of the ongoing conflict between Israel and Iran, specifically regarding the potential risks of calling Israeli ports and the ensuing implications for the safety of our vessel crews". "At the moment we are not experiencing further disruptions to our scheduled operations in the region," it added in a statement. The conflict erupted a week ago when Israel launched air strikes on Iran, saying its arch foe was on the verge of developing a nuclear weapon. The Danish company said it had not experienced any further disruptions to its scheduled operations in the region. Haifa port, which was privatized in 2022, is owned 70% by India's Adani Ports while the remaining 30% is held by Israel's Gadot Group. Adani Ports is the ports operating arm of Adani Group, led by billionaire Gautam Adani. Including Haifa port, the company operates four ports outside Indian waters. A spokesperson for the Adani Group did not immediately respond to Reuters' email and text messages requesting comment. Israel has been hitting Iran from the air since last Friday in what it describes as an effort to prevent Tehran from developing nuclear weapons. Iran has denied plans to develop such weapons and has retaliated by launching counterstrikes on Israel. On Thursday, Iran's Revolutionary Guards said it had launched combined missile and drone attacks at military and industrial sites linked to Israel's defence industry in Haifa and Tel Aviv. Agencies
Zawya
3 days ago
- Zawya
Sigma & LivNSense sign MoU to scale award winning Green-AI led Industrial Sustainability for UAE
ABU DHABI – LivNSense™ Digital Corporation (a group company of LivNSense GreenOps Private Limited) with its key focus on Sustainability, driven by its flagship platform, GreenOps™ is pleased to announce entering a Memorandum of Understanding with SIGMA ENTERPRISES COMPANY LLC (part of Mazrui Energy Services) for working collaboratively in addressing the needs of manufacturing industry in UAE, with key focus in energy efficiency, safety and environment sustainability. LivNSense announced the MoU at Sigma HQ in Abu Dhabi 2025 to address the critical needs of the industry in the UAE for transition towards Carbon Neutrality. The United Arab Emirates has announced the UAE Net Zero by 2050, a national drive to achieve net-zero emissions by 2050, making the UAE the first Middle East and North Africa (MENA) nation to do so. SIGMA and LivNSense™ shall collaborate to drive AI-driven strategy with a key focus on Safety and Sustainability initiatives to achieve the net zero goals. LivNSense has been raising the bar for ESG through its Award-Winning AI Platform – GreenOps™ for building the path towards Net-Zero. The complex ecosystem of industries requires integration of various data systems from heterogeneous systems. In the current environment, most solution providers offer highly customized and siloed solutions. The collaboration accelerates the application of optimized AI-based distributed Edge to Cloud technology to address the challenges of the Energy industry. The collaboration shall leverage working on offering a Process central AI platform agnostic to cloud, Digital Twins, and computer-vision-based technologies to jointly work towards transforming the manufacturing industry into a Safer and Sustainable environment. Mr Olaf Grimm, General Manager of SIGMA Enterprises Company LLC, expressed his enthusiasm about the initiative, stating: 'We are proud to be part of a movement that proves 'Make it in the Emirates' is not just a slogan, but a reality made possible through strategic partnerships and innovation. This collaboration, rooted in Abu Dhabi and aligned with the Government's Net Zero initiative, reflects our shared vision for a sustainable, AI-powered future. We are honored to contribute to the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan to achieve Net Zero by 2050.' Avnish Kumar, CEO of LivNSense, states, 'We are very excited to collaborate with SIGMA and expand our presence in UAE with a long-term vision of providing Advanced AI technologies for the industry to address the Net Zero goals of 2050. This collaboration would help improve process efficiency, energy optimization and Greenhouse Gas reductions for the Sigma customers to build the path towards Carbon Neutrality, with focus on 'Make in Emirates'. About Mazrui Energy Services For more than 50 years, Mazrui Energy Services is partner of choice in the Middle East's conventional and renewable energy markets through its operating businesses and joint venture agreements. Based on long-term partnerships with customers, our operating business model is built on close collaboration, providing innovative solutions centered around local manufacturing, in-country value, quality service and operational efficiency across our diverse disciplines. About Sigma Enterprises Company LLC With over 30 years of experience, Sigma Enterprises is a leading commercial partner for energy solutions in the Middle East—offering technical expertise, advanced oilfield equipment, clean energy technologies, and digitalization solutions. For more details, please visit: or call +971 2 411 3000 About LivNSense™ (LivNSense Digital Corporation, US and LivNSense GreenOps Pvt Ltd, Bangalore, India) LivNSense™ is a leading Industrial AI venture, based out of US & India, that is helping heavy industries to reduce their carbon footprint profitably and meet UNSDG goals. Its award-winning AI platform, GreenOps™ addresses the Greenhouse Gas (GHG) emissions reduction by harnessing the power of First Principles, Artificial Intelligence (AI) and Digital Twins technologies. The key energy intensive sectors being served are - Oil and Gas, Metals & Mines, Cements and Asphalts. LivNSense serves customers in global markets - US, INDIA, APAC and ME regions. The short narrative is that LivNSense has created an innovative Industrial "Co-Pilot" with unique algorithms that improve process efficiency, reduce waste, and improve carbon footprint, uniquely playing at the intersection of safety & sustainability outcomes. For more information, visit
