May 22, 2018: DFSA Fraud Alert

ALERTS

False DIFC and DFSA Documents used to Promote a Fraudulent Scam

22 May 2018

 

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a fraudulent scam that impersonates the DFSA’s Chairman and uses false documents purporting to be from the DFSA and the Dubai International Financial Centre (DIFC).

The scammers have issued a fake “Certificate of Registration” bearing the name and logo of the DIFC Authority. The Certificate of Registration fraudulently uses a legitimate DIFC company’s name and registration number, and then falsely implies that the legitimate company is the same entity as a company called “Fidelity Investments Ltd”. The Certificate of Registration also falsely states that Fidelity Investments Ltd is registered with the DIFC Authority to carry out amongst other things, “financial transactions internationally”, “provide loans” and “distribute funds for the purpose of investments”.

In relation to this document, the DFSA informs you that:
• The Certificate of Registration is fake and has not been produced by the DIFC Authority;
• Fidelity Investments Ltd is not registered by the DIFC Authority;
• Fidelity Investments Ltd is not and has never been, authorised or regulated by the DFSA; and
• Fidelity Investments Ltd is not associated with the legitimate DIFC company.

Please click here to view the fake Certificate of Registration.

The scammers have also issued a fake “Certificate of Incorporation” bearing the name and logo of the DFSA and purportedly signed by the Chairman of the DFSA. The Certificate of Incorporation falsely claims that Fidelity Investments UAE is incorporated by the DFSA to carry out financial services.

In relation to this document, the DFSA informs you that:  
• The Certificate of Incorporation is fake and has not been produced by the DFSA;
• The DFSA does not incorporate companies, and therefore, does not issue Certificates of Incorporation;
• Fidelity Investments UAE is not and has never been, authorised or regulated by the DFSA; and
• The name of the DFSA and the DFSA’s Chairman have been used without authority.

Please click here to view the fake Certificate of Incorporation.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• Check the relevant regulatory status of a person before doing business with them;
• Only do business with firms or individuals you trust. Dealing with people you have never met may carry a higher risk; be particularly cautious when receiving unsolicited communications; and
• Obtain independent professional advice before entering into any investment or transaction.

The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to: ALERTS

The DFSA has also issued warnings and guidance about the common types of scams, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS

Link:

DFSA Notice

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