A Dubai-based brokerage firm has disappeared overnight without a trace, taking with it millions of dirhams in investors’ money, leaving many Indian expatriates in distress. Outside suite 302 of Capital Golden Tower in Dubai’s Business Bay, all that remains is a mop and a garbage bag. Until recently, the space was occupied by Gulf First Commercial Brokers, which now appears to have shut operations suddenly, according to a report in the Khaleej Times.
The firm, which had around 40 employees working across suites 302 and 305, was engaged in cold-calling potential investors and promoting forex trading schemes. Today, both offices are locked, phone lines are disconnected, and the rooms lie covered in dust.
“They returned the keys, cleared everything out, and left like they were in a hurry,” a security guard at the building was quoted as saying. “Now people are coming daily, asking about them.”
Among the victims are Indian expats Mohammad and Fayaz Poyyl from Kerala, who say they invested $75,000 through Gulf First. “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 explained how he was initially asked to invest $1,000, which later increased due to repeated assurances and pressure from the firm’s representatives. Another Indian investor, who lost $230,000, said he was assigned a Kannada-speaking relationship manager. “The platform showed small profits at first, and I even withdrew some funds. Then they started blocking withdrawals, pushed for bigger deposits, and encouraged risky trades,” he said.
Further investigations have revealed that Gulf First Commercial Brokers was pushing clients to use Sigma-One Capital, an unregulated online platform. Many investors were promised safe and guaranteed returns.
Sanjiv, another Indian investor, said the company used the names Gulf First and Sigma-One interchangeably, making them seem like the same entity. Mohammad, another victim who lost $50,000, expressed regret over not verifying their credentials.
Dubai Police have confirmed that Sigma-One Capital had no license from the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). A case has been registered against both companies.
“I wish I’d done more research,” said one investor. “Now we’re just left with empty offices and emptier bank accounts.”