DFSA Alert: Arqaam Capital Limited and DFSA Impersonation Scam

Arqaam Capital Limited and the DFSA Impersonated in a Scam

18 Apr 2019

The Dubai Financial Services Authority (DFSA) informs the financial services community and the public of a scam wherein the scammers falsely claim to be an Authorised Firm, based in the Dubai International Financial Centre (DIFC) and regulated by the DFSA.

The scammers operate a website (in both English and Arabic) using the names “Arqaam Trading” or “Arqaam General Trading” and offer consumers access to a platform for trading Contracts for Difference (CFDs).  If a consumer contacts the scammers, then the scammers also send marketing materials to the consumer (in both English and Arabic).  In doing so, the scammers are fraudulently using names which are similar to that of a legitimate DIFC incorporated and DFSA regulated firm called Arqaam Capital Limited.

The DFSA informs you that “Arqaam Trading” is not and has never been:
• licensed or authorised by the DFSA;
• incorporated in the DIFC, or registered by the DIFC Registrar of Companies; and/or
• licensed or registered by the DIFC Authority.

The scammers have also used the logo of the DFSA, and two other legitimate international financial services authorities, without authority and for a malicious purpose.  A copy of the webpage can be found
 here.

The DFSA advises you not to reply to any communications regarding this scam, and under no circumstances should you transfer any money to any party involved in the scam.

The DFSA has a page on its website devoted to alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC. 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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