Dubai-based brokerage firm has vanished overnight without a trace, taking with it millions of dirhams in investors’ money. Today, a mop in a bucket and a black garbage bag are all that remain outside suite 302 of Capital Golden Tower in Dubai’s Business Bay. But just weeks ago, the space was home to Gulf First Commercial Brokers – a company that now appears to have disappeared, according to a news report.
The firm has left a vacant office in Dubai’s Capital Golden Tower and unanswered calls from desperate investors who have reportedly lost millions of dirhams in funds.
Sources cited by the media publication say that victims were aggressively pushed toward Sigma-One Capital, a supposedly affiliated online trading platform that promised safe returns.
Mohammad and Fayaz Poyyl are expats from Kerela who had invested $75,000 through Gulf First Commercial Bankers.
“I came here looking for answers, but there’s nothing, no one. Just empty offices. We called every number, but no one responded,” said Fayaz. “It’s like they never existed.”
Sources maintain that Gulf First and Sigma-One operated under the same roof, and staff used the names interchangeably. Sigma-One Capital claimed to be based in St. Lucia and listed a Dubai address in Musalla Tower.
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