6.09 PM Thursday, 28 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:57 06:11 12:27 15:53 18:37 19:51
28 March 2024

DFSA issues consumer alert on $25m fraud letter

CREDIT: Interception and on-hold

Published

The Dubai Financial Services Authority (DFSA) has alerted the financial services community and members of the public to a fraudulent scam involving the use of a false DFSA document.

The perpetrators of the scam use a document which bears the DFSA’s logo and claims to be from the DFSA’s ‘Enforcement Department’.

The Fraud Document is a letter which states that the DFSA has intercepted and put on-hold a transfer of $25 million in funds until an ‘Asset & Clean Bill of Record Clearance Certificate’ is provided.

The fraud document purports to be signed by Sheikh Saqhid Murtah, who claims to be the Head of Enforcement at the DFSA.

The perpetrators allege that the said certificate will only be issued upon the payment of a fee. The recipient of the fraud document is then asked to pay the fee so that the certificate can be issued and the funds released.

The DFSA, in its alert, informed the financial community and general public that:

• This Fraud Document is false, and has been used by the perpetrators of the scam to legitimise their fraudulent activity;

• ‘Sheikh Saqhid Murtah’ is not the Head of Enforcement at the DFSA, and no one by that name works at the DFSA;

• The DFSA does not issue ‘Asset & Clean Bill of Record Clearance Certificates’;

• The DFSA does not intercept or put on-hold transfers of funds; and

• The DFSA will not ask for the payment of a fee in such circumstances.

“The DFSA strongly advises that you do not respond to any person or company who sends such documentation, and under no circumstances should you send any money,” the authority states.

The DFSA has a page on its website dedicated to Alerts which it has issued in relation to scams. The perpetrators of this fraud have fashioned the Fraud Document so that it looks like a DFSA Letter in
order to legitimise their activities. All Alerts issued by the DFSA may be accessed by going to:https://www.dfsa.ae/Alerts/Alerts.aspx

The DFSA has also recently issued warnings and guidance about the common types of scams perpetrated on consumers