Dubai firm vanishes overnight without a trace, Indian investors lose millions: ‘Like they never existed’

A brokerage company located in Dubai has disappeared suddenly without a sign, taking along millions of dirhams from investors. Currently, a mop in a bucket and a black trash bag are all that is left outside suite 302 of Capital Golden Tower in Dubai’s Business Bay.

However, just weeks prior, the location was occupied by Gulf First Commercial Brokers – a firm that now seems to have vanished, as reported by The Khaleej Times.

Up until last month, Gulf First employed approximately 40 staff members located in suites 302 and 305 of the Capital Golden Tower within Dubai’s central business area. Their role involved reaching out to potential investors through cold calls and marketing forex investments. Currently, both offices are unoccupied. Telephone lines have been torn away, and the floors are covered in dust.

“They returned the keys, cleared everything out and left like they were in a hurry,” a security guard at Capital Golden Tower was quoted as saying by the publication. “Now we have people coming daily asking about them.”

Mohammad and Fayaz Poyyl are expats from Kerala  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.”

The Poyyls were convinced to part with their hard-earned money through phone calls. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” said Fayaz.

Another person who lost $230,000 in the scheme said he was paired with a relationship manager who spoke to him . “The platform showed small profits at first, and I even withdrew some money — just enough to build trust,” the investor explained. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”

The specifics of the plan are now starting to emerge. Sanjiv, an Indian investor, stated that Gulf First Commercial Brokers aggressively encouraged clients to invest via Sigma-One Capital, a non-regulated online platform. Another investor, Mohammad, who lost $50,000, mentioned that employees referred to Gulf First and Sigma-One as if they were one entity.

Authorities have initiated a case against both companies and verified that Sigma-One Capital lacked DFSA or SCA approval.