Latest news with #Fayaz
4 days ago
- Politics
Toronto's Iranian diaspora watches with worry, mixed feelings as Israel-Iran conflict mounts
Début du widget Widget. Passer le widget ? Fin du widget Widget. Retourner au début du widget ? As the conflict between Israel and Iran intensifies, members of the Iranian-Canadian community in Toronto say they are feeling mixed emotions, many worried about loved ones back home and some hopeful for what they say is much-needed change in Iran. Israel first launched strikes on Iran's capital Tehran in the early hours of Friday in what it said was an attack targeting Iran's nuclear and energy sites to prevent the country from building a nuclear weapon. In retaliation, Iran launched hundreds of drones and missiles against Israel, with explosions rocking the cities of Tel Aviv and Jerusalem. On Tuesday, according to The Associated Press, residents of Tehran, Iran's capital, were seen leaving the city. Witnesses said strong explosions rocked buildings in western and eastern parts of Tehran on Tuesday evening. On the roads out of Tehran to the west, traffic stood bumper to bumper, and long lines also could be seen at gas stations. Sam Fayaz, owner of Khorak Supermarket in North York, said he has seen a noticeable shift in the mood of his customers as tensions back home have escalated. Toronto has one of the largest diasporas of Iranians outside of Iran. They have a lot of family back home that they're concerned about. Everyone's just praying for the best and praying for peace, Fayaz said. Fayaz said his parents fled the Iran-Iraq war in the late 1980s. He said the situation was frightening then and it is frightening now. I actually lived through that personally myself as I was four at the time when the war was happening. And those memories, they get instilled into your brain, Fayaz said. Enlarge image (new window) Smoke rises from the building of Iran's state-run television after an Israeli strike in Tehran on Monday, June 16, 2025. Photo: Associated Press Fayaz said nobody supports war but the Islamic Republic of Iran needs to go because it is so oppressive. Nobody is suffering more than the innocent civilians, he said. On Monday, U.S. President Donald Trump urged the immediate evacuation of Tehran. On Tuesday, he urged Iran to surrender unconditionally. 'We are worried, to be honest,' resident says Effie Mousavi, a customer at Khorak Supermarket, said the news is distressing and nobody knows what will happen. As an immigrant, she said she feels conflicted because the war may mean the government will change but it also means that people are in danger. I'm not feeling good. I'm always following the news and it's not good. We are just waiting... This is war, she said. We are worried, to be honest. Mousavi said a friend who went to visit Iran has had to flee to Turkey. It's a lot of stress, she said. Enlarge image (new window) Mehrdad Ariannejad, CEO of Tirgan Organization, a charity promoting cross-cultural dialogue between Iranian-Canadians and the wider community, was interviewed by CBC Toronto at Arta Gallery in the Distillery District. He said he is thinking about both sides in the conflict. Photo: CBC / Martin Trainor Mehrdad Ariannejad, CEO of Tirgan Organization, a charity promoting cross-cultural dialogue between Iranian-Canadians and the broader community, said he is thinking about Israel and Iran and has mixed feelings. Tirgan Organization holds an Iranian festival every two years. I'm very happy that the high-ranking generals and officials in Iran are killed by the Israeli military. They have killed many Iranians in uprisings. And on the other hand, I'm sad for civilian casualties both in Israel and Iran, Ariannejad said. There are approximately 3,500 Canadians in Iran and another 6,700 in Israel, according to Global Affairs Canada. The count is based on the voluntary registration of around 80,000 Canadians in the Middle East and doesn't fully reflect how many of them may need help getting out, the department said in a statement. Canadians warned not to travel to Iran, Israel Global Affairs Canada added that it hasn't received any reports of Canadian injuries or deaths in the conflict. The department is warning against all travel to Iran, Israel, the West Bank and the Gaza Strip and advising Canadians in the Middle East to monitor the news and follow the instructions of local authorities. Military strikes pose serious risks across the region, the department said, adding that the situation may result in disruptions to transportation and air travel, as well as border closures. With files from The Canadian Press and The Associated Press
Mint
21-05-2025
- Business
- Mint
Dubai firm disappears overnight, Indian investors lose crores: ‘They guaranteed safe returns'
A Dubai-based brokerage firm has reportedly vanished overnight, leaving behind empty offices and devastated investors who claim to have lost millions of dirhams. The only remnants of Gulf First Commercial Brokers at their former offices in Capital Golden Tower, Business Bay, are a mop in a bucket and a black garbage bag, according to a report by Khaleej Times. Until just last month, Gulf First operated out of suites 302 and 305 in the tower, employing around 40 staff members. Their primary role involved cold-calling potential clients to promote forex investments. Now, the once-bustling offices lie vacant, with phone lines ripped out and dust covering the floors. 'They returned the keys, cleared everything out and left like they were in a hurry,' a security guard told the Khaleej Times. 'Now we have people coming daily asking about them.' Among those affected are Indian expatriates Mohammad and Fayaz Poyyl from Kerala, who invested $75,000 with the firm. 'I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded,' said Fayaz. 'It's like they never existed.' Fayaz recounted how he was drawn in by his relationship manager. '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,' he said. Another victim, who lost $230,000, said he was assigned a relationship manager who communicated with him in Kannada, his native language. 'The platform showed small profits at first, and I even withdrew some money — just enough to build trust,' he explained. 'Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.' As more details emerge, investors allege that Gulf First heavily encouraged investments through Sigma-One Capital, an unregulated online trading platform. 'They guaranteed safe returns,' said Sanjiv, another Indian investor who said he invested his life savings into the scheme. Another investor named Mohammad, who lost $50,000, said staff used the names Gulf First and Sigma-One interchangeably. 'It was as if they were the same company,' he said. Dubai Police have confirmed that a case has been registered against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities further stated that Sigma-One Capital is not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). "I wish I'd checked their credentials," one investor lamented. "Now we're left with empty offices and emptier bank accounts." Investigations are ongoing as more investors come forward with similar complaints.
News18
21-05-2025
- Business
- News18
‘Convinced Over Phone', Indians Lose Millions As Dubai Firm Vanishes: ‘Garbage Bag, Mop Remain'
Last Updated: A Dubai-based broking firm has vanished overnight with millions of investors' funds. A brokerage firm with headquarters in Dubai disappeared overnight, taking millions of dirhams in investor funds with it. A black garbage bag and a mop in a bucket are the only things left outside suite 302 of the Capital Golden Tower in Dubai's Business Bay. A report in The Khaleej Times claims that Gulf First Commercial Brokers, which occupied the space only a few weeks ago, has since vanished. Up until last month, Gulf First employed about 40 people who were dispersed between suites 302 and 305 of the Capital Golden Tower in the central business centre of Dubai. They were responsible for cold phoning prospective investors and promoting foreign exchange investments. Both suites are currently empty. The floors are covered in dust, and phone wires have been torn out. 'They returned the keys, cleared everything out, and left like they were in a hurry," the publication quoted a security guard at Capital Golden Tower as saying. 'Now we have people coming daily asking about them," he added. Reportedly, Kerala expats Mohammad and Fayaz Poyyl 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," Fayaz told The Khaleej Times. The Kerala expats were influenced to part with their hard-earned money via phone calls. '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," said Fayaz. According to another victim of the scam, who lost $230,000, he was paired with a relationship manager who conversed with him in Kannada. 'The platform showed small profits at first, and I even withdrew some money, just enough to build trust," the investor told The Khaleej Times. 'Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits," he added. Meanwhile, an Indian investor named Sanjiv claimed that Gulf First Commercial Brokers aggressively encouraged customers to make investments via the unregulated internet portal Sigma-One Capital. 'They guaranteed safe returns," said Sanjiv, who now feels remorse for investing his life's wealth in the plan. In addition, police have launched a complaint against both companies and confirmed that Sigma-One Capital does not have Dubai Financial Services Authority (DFSA) or Securities and Commodities Authority (SCA) approval. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated!
Hindustan Times
21-05-2025
- Business
- Hindustan Times
Dubai firm vanishes overnight without a trace, Indian investors lose millions: ‘Like they never existed'
A Dubai-based brokerage firm has vanished overnight without a trace, taking with it millions of dirhams in investors' money. Today, a mop in a bucket and a black garbage bag are all that remain outside suite 302 of Capital Golden Tower in Dubai's Business Bay. But just weeks ago, the space was home to Gulf First Commercial Brokers - a company that now appears to have disappeared, according to a report in The Khaleej Times. Until last month, Gulf First had around 40 employees spread across suites 302 and 305 of Capital Golden Tower in Dubai's central business district. Their job was cold-calling potential investors and promoting forex investments. Now, both suites sit vacant. Phone lines have been ripped out, and the floors are coated in dust. 'They returned the keys, cleared everything out and left like they were in a hurry,' a security guard at Capital Golden Tower was quoted as saying by the publication. 'Now we have people coming daily asking about them.' Mohammad and Fayaz Poyyl are expats from Kerala who had invested $75,000 through 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,' said Fayaz. 'It's like they never existed.' The Poyyls were convinced to part with their hard-earned money through phone calls. '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,' said Fayaz. Another person who lost $230,000 in the scheme said he was paired with a relationship manager who spoke to him in his native Kannada. 'The platform showed small profits at first, and I even withdrew some money — just enough to build trust,' the investor explained. 'Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.' The details of the scheme are now becoming clearer. Sanjiv, an Indian investor, said Gulf First Commercial Brokers strongly pushed clients to invest through Sigma-One Capital, an unregulated online platform. 'They guaranteed safe returns,' said Sanjiv, who now regrets putting his life savings into the scheme. Another investor named Mohammad, who lost $50,000, said staff used the names Gulf First and Sigma-One interchangeably, as if they were the same company. Police have filed a case against both firms and confirmed that Sigma-One Capital did not have DFSA or SCA authorisation. "I wish I'd checked their credentials," said one investor. "Now we're left with empty offices and emptier bank accounts."
Khaleej Times
20-05-2025
- Business
- Khaleej Times
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 ' — 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".
