<p>A <a href="https://www.deccanherald.com/tags/dubai">Dubai</a>-based brokerage firm has vanished overnight, taking millions of dirhams from investor funds. A number of investors - including many Indian expats - are left struggling to recover millions. </p><p>Gulf First Commercial Brokers worked out of two office spaces in Capital Golden Tower in Dubai's Business Bay till last month, <em>The Khaleej Times</em> <a href="https://www.khaleejtimes.com/uae/crime/gulf-first-commercial-brokers-scam-investors-dubai?_refresh=true">reported</a>. </p><p>Gulf First operated out of suites 302 and 305 in the tower, employing around 40 staff members who were involved in cold-calling potential clients to promote forex investment. All that is left of what was once a bustling office are a mop in a bucket and a black garbage bag with phone lines ripped out and dust covered floors. </p><p>A security guard at Capital Golden Tower was quoted by the publication saying, "They returned the keys, cleared everything out and left like they were in a hurry. Now we have people coming daily asking about them.”</p><p>Among the many affected are Indian expats Mohammad and Fayaz Poyyl from <a href="https://www.deccanherald.com/india/kerala">Kerala</a> who invested $75,000 with the firm. </p>.Indian national pleads guilty in US immigration fraud case involving fake robberies.<p>Fayaz said, "I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded. It’s like they never existed." </p><p>Fayaz recounted how they were persuaded by their relationship manager. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” he said.</p><p>Another person who lost $230,000 in the scheme said he was paired with a relationship manager who spoke to him in his native language Kannada.</p><p>“The platform showed small profits at first, and I even withdrew some money — just enough to build trust,” the investor explained. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”</p><p>Sanjiv, another Indian investor said that the firm pushed clients to invest through Sigma-One Capital - unregulated online platform. The firm repeatedly assured him safe returns and convinced people to invest their life savings. </p><p>Mohammad, who lost $50,000, revealed staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation.</p><p>Police have filed a case against both firms and confirmed that Sigma-One Capital did not have DFSA or SCA authorisation.</p>
<p>A <a href="https://www.deccanherald.com/tags/dubai">Dubai</a>-based brokerage firm has vanished overnight, taking millions of dirhams from investor funds. A number of investors - including many Indian expats - are left struggling to recover millions. </p><p>Gulf First Commercial Brokers worked out of two office spaces in Capital Golden Tower in Dubai's Business Bay till last month, <em>The Khaleej Times</em> <a href="https://www.khaleejtimes.com/uae/crime/gulf-first-commercial-brokers-scam-investors-dubai?_refresh=true">reported</a>. </p><p>Gulf First operated out of suites 302 and 305 in the tower, employing around 40 staff members who were involved in cold-calling potential clients to promote forex investment. All that is left of what was once a bustling office are a mop in a bucket and a black garbage bag with phone lines ripped out and dust covered floors. </p><p>A security guard at Capital Golden Tower was quoted by the publication saying, "They returned the keys, cleared everything out and left like they were in a hurry. Now we have people coming daily asking about them.”</p><p>Among the many affected are Indian expats Mohammad and Fayaz Poyyl from <a href="https://www.deccanherald.com/india/kerala">Kerala</a> who invested $75,000 with the firm. </p>.Indian national pleads guilty in US immigration fraud case involving fake robberies.<p>Fayaz said, "I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded. It’s like they never existed." </p><p>Fayaz recounted how they were persuaded by their relationship manager. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” he said.</p><p>Another person who lost $230,000 in the scheme said he was paired with a relationship manager who spoke to him in his native language Kannada.</p><p>“The platform showed small profits at first, and I even withdrew some money — just enough to build trust,” the investor explained. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”</p><p>Sanjiv, another Indian investor said that the firm pushed clients to invest through Sigma-One Capital - unregulated online platform. The firm repeatedly assured him safe returns and convinced people to invest their life savings. </p><p>Mohammad, who lost $50,000, revealed staff used the names Gulf First and Sigma-One interchangeably, claiming they were the same operation.</p><p>Police have filed a case against both firms and confirmed that Sigma-One Capital did not have DFSA or SCA authorisation.</p>
