The Dubai Financial Services Authority (DFSA) on Sunday warned the financial services community and the public of an advance fee scam in which Al Jomaih Investments Ltd (Al Jomaih) is fraudulently impersonated.
Individuals are approached by persons who claim to be acting on behalf of Al Jomaih, and are offered loan facilities to finance different types of projects and investments.
The scammers then ask the individuals to sign an “Unconditional Approval Guarantee Letter”.
This letter states that the loan funds will be disbursed upon the setting up of a Special Purpose Vehicle (SPV), which is required by a government authority in the UAE.
The scammers also send the individuals a false document, claiming to be issued by a government authority in the UAE, requiring the individuals to pay fees of between $13,000-$18,000 for the purpose of approving and setting up the SPV.
Al Jomaih is a registered company in the DIFC (Registration No.0167). However, it does not provide financial services in or from the DIFC and is not licensed by the DFSA.
Al Jomaih has confirmed that it: does not provide loan facilities to third parties or carries out any other financial services in the DIFC; and does not have a website.
The website http://www.aljomaihinvestment.com has been created by the scammers to facilitate the scam. Al Jomaih also confirms that this website is blocked in the UAE.
The DFSA strongly advises that individuals do not respond to any communication regarding the scam, and under no circumstances should they send any money to any party involved in the scam.