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Several Indian investors are among the victims of a massive financial scam after a Dubai-based firm, Gulf First Commercial Brokers, mysteriously vanished, leaving behind empty offices and broken promises. The now-defunct company, which operated from the Capital Golden Tower in Dubai’s Business Bay, reportedly lured victims using cold calls in their native languages to build trust.
Victims include expats from Kerala and Karnataka, some of whom invested their life savings. Mohammad and Fayaz Poyyl, both Keralites, invested a combined $75,000 (approx. Rs 62.6 lakh) before discovering the company’s offices had been abruptly vacated. “We called every number, but no one responded. It’s like they never existed,” said Fayaz.
Another investor from Karnataka lost over $230,000 (approx. Rs 2 crore) after being matched with a Kannada-speaking representative who initially showed small profits to build trust. “They blocked withdrawals, demanded more deposits, and pushed me into risky trades,” he recalled. “I even used my wife’s savings.”
Further investigations revealed the scam was orchestrated across two fronts—Gulf First Commercial Brokers and Sigma-One Capital, an unregulated trading platform. Victims were often told the two were the same entity, leading to more confusion and misplaced trust.
Security personnel at the office building reported that the company vacated in haste, handing over keys and leaving no trace. Daily, new victims arrive hoping for answers, only to find deserted offices.
According to reports, Sigma-One Capital was not registered with either the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). It falsely claimed registration in St. Lucia and a nonexistent office in Bur Dubai’s Musalla Tower.
Many victims were persuaded entirely through phone calls and never met a single employee in person. “The first deposit was just $1,000. They made trading look easy and profitable,” said Fayaz. “Before I knew it, I had invested everything.”
Police complaints have been filed, and the case echoes previous scams in the UAE involving firms like DuttFx and EVM Prime—many of which also targeted residents through fake phone-based investment schemes.
