DFSA warns against scam misrepresenting DIFC

The Dubai Financial Services Authority (DFSA) has alerted the financial services community and members of the public to a fraudulent scam undertaken by people claiming to be associated with, or agents of the Dubai International Financial Centre (DIFC).

The fraudulent scam is in the form of a loan agreement titled “Official Fund Approval Notification” and bears the DIFC letterhead. The fund approval notification document has been sent from the following email address turksanltdsti@hotmail.com

The fund approval notification is a false document which has been used by the scammers to legitimise a fraudulent scheme.

The false document alleges that the “Loan Award Committee” has approved the transfer of funds to the named borrower, subject to a fee payment of 3.5% of the amount to be borrowed.

The 3.5% fee is allegedly for “the applications, registration, attorney fee, consultancy fee and everything related to the issuance of the loan”.

The document falsely represents that the transfer of funds has been approved in the presence of legitimate former and current employees of the DIFC.

The DFSA said the DIFC does not have a “Loan Award Committee”; lend money to consumers or provide access to funds or credit; and issue loans and, therefore, does not charge a 3.5% fee.

The DFSA strongly advises that people do not respond to any such invitations, and under no circumstances should send the originator any money.

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

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