Alert issued on scam impersonating DIFC Governor

The Dubai Financial Services Authority (DFSA) today issued an alert, warning the financial services community and members of the public to a fraudulent e-mail scam facilitated through the e-mail address info@boardmemberdifc.org. 

The DFSA said in the alert that the e-mail claims to represent Abdullah Mohammed Saleh, Governor of the Dubai International Financial Centre (DIFC), and offers recipients access to loan funds in the amount of $3.5 million at an interest rate of 3.5 per cent per annum, which it says may appear attractive to individuals seeking finance. 

However, the DFSA has warned that such emails are linked to organized crimes and that it does not provide access to lines of credit. 

“The DFSA strongly advises that you do not respond to any such invitations, and under no circumstances should you send the originator any money,” the DFSA has warned. 

The Authority said that the e-mails falsely advise unsuspecting consumers that the DIFC provides loans for procuring investments projects subject to fulfilling the following requirements: 

Click here to see an example of the false MoU bearing DIFC logo and letterhead:

• providing a project report or a feasibility study; 

• incorporating the business in the Ajman free-zone; 

• obtaining a “General Licence Certificate” from the Chamber of Commerce; 

• signing a Memorandum of Understanding (MoU) with the DIFC; and

• paying application fees. 

Through today’s alert, the DFSA informed the financial services community and general public that: 

• The MoU is a false document which has been used by the scammers to legitimise the fraudulent activity.

• Neither the DIFC nor the DFSA communicates through e-mail addresses with the domain name “boardmemberdifc.org”; 

• The DIFC is a 110 acre free-zone located within the city of Dubai and is not a financial institution; and 

• The DIFC does not provide access to lines of credit, charge fees for accessing funds, or require individuals or companies to be licensed or registered with any free- zone in the UAE other than the DIFC.

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