A brokerage firm based in Dubai has allegedly disappeared overnight, leaving behind empty offices and desperate investors. According to the claims of several investors, they have lost millions of dirhams due to the sudden disappearance of the company, Gulf First Commercial Brokers. As reported by Khaleej Times, the company’s office in Capital Golden Tower, Business Bay, was found almost abandoned, with only a mop and a black garbage bag in a bucket marked with the firm’s name.
Offices Vacated in a Hurry
Until last month, the brokerage firm operated out of Suite 302 and 305 at the Gulf First Tower. Around 40 employees worked there, whose main role involved calling potential clients and promoting forex investments. However, now those once-bustling offices are empty, with broken phone lines, dust-covered floors, and no sign of activity. A security guard who spoke to Khaleej Times described the scene, saying, “They returned the keys, cleaned everything up, and left as if they were in a hurry. Now, people come in every day asking about them.”
Significant Loss for Indian Investors
Among the affected individuals are Indian expats from Kerala, Mohammad and Fayyaz Poyal, who invested $75,000 in the firm. Fayyaz expressed his frustration, saying, “I came here looking for answers, but there’s nothing—just empty offices. We’ve called every number, but no one’s answering. It feels like they never existed.” Fayyaz went on to explain how he was initially lured in by his relationship manager. He said, “My relationship manager persuaded me to deposit a $1,000 initial amount. Over time, I was pressured to invest more funds.”
Another victim, who lost $230,000, shared how a relationship manager spoke to him in his native Kannada. The investor said, “At first, the platform showed small profits, and I even withdrew some money, just enough to build trust. Then the pressure started. They stopped withdrawals and pushed me to make riskier trades, demanding more deposits.”
Investment Scheme Exposed
As more details surface, investors have accused Gulf First of promoting investments through Sigma-One Capital, an unregulated online trading platform. Sanjeev, another Indian investor, mentioned, “They guaranteed safe returns,” explaining that he had invested his life savings into the scheme. Another investor, Mohammad, who lost $50,000, revealed that employees used the names Gulf First and Sigma-One interchangeably. He said, “It felt like they were the same company.” Reflecting on his loss, another investor said, “I wish I had checked their credentials. Now, we’re left with empty offices and empty bank accounts. More investors are coming forward with similar complaints.”
Ongoing Legal Action
The Dubai Police have confirmed that cases have been filed against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities also stated that Sigma-One Capital was not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).
Conclusion: A Major Scam Exposed
The sudden disappearance of Gulf First Commercial Brokers has left many investors in a state of shock and despair. While the authorities continue their investigations, this case highlights the risks of unregulated trading platforms and the importance of verifying the legitimacy of financial companies. As more investors come forward with similar complaints, the full extent of the scam is yet to be revealed.
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