A brokerage firm operating in Dubai has reportedly disappeared with millions of UAE investors’ funds, according to reports by local media publications.

According to the Khaleej Times, the firm has left a vacant office in Dubai’s Capital Golden Tower and unanswered calls from desperate investors who have reportedly lost millions of dirhams in funds.

Inside suites 302 and 305, Gulf First Commercial Brokers reportedly operated a high-pressure sales floor until last month, targeting UAE-based investors with cold calls promoting forex investments.

Clients Tricked Through Cold Calls

Sources cited by the media publication say that victims were aggressively pushed toward Sigma-One Capital, a supposedly affiliated online trading platform that promised safe returns.

Sources maintain that Gulf First and Sigma-One operated under the same roof, and staff used the names interchangeably. Sigma-One Capital claimed to be based in St. Lucia and listed a Dubai address in Musalla Tower.

However, investigations have reportedly found no evidence that the company ever operated from there. It also lacked any authorization from UAE regulators like the DFSA or SCA, leaving investors without legal recourse.

Escalating Losses and Personal Debt

For many, the scam didn’t just erase savings; it left them in deep financial distress. One investor used credit cards, loans, and even his wife’s savings in desperate attempts to recover losses.

The Dubai Police have reportedly confirmed that complaints have been filed against both Gulf First Commercial Brokers and Sigma-One Capital. Investors are now calling for stricter regulation to prevent offshore platforms from targeting UAE residents under the guise of local operations.

Expect ongoing updates as this story evolves.

Source: Finance Magnates