Dubai Brokerage Firm Disappears Overnight, Indian Investors Lose Millions With Nowhere to Go
Dubai, May 22, 2025 — A Dubai-based brokerage firm has mysteriously vanished, leaving behind dusty offices, silent phone lines, and devastated investors—many of whom are Indian expats. Once operating from suites 302 and 305 of Capital Golden Tower in Dubai’s Business Bay, Gulf First Commercial Brokers abruptly closed shop, taking with it millions of dirhams in investor funds.
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According to a report by Khaleej Times, the company vacated its premises in a rush, leaving behind only a mop, garbage bag, and unanswered questions. “They returned the keys, cleared everything out and left like they were in a hurry,” said a security guard at the building. “Now we have people coming daily asking about them.”
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At its peak, Gulf First employed around 40 people, primarily engaged in cold-calling potential clients to pitch forex investment opportunities. Victims report being lured in with initial returns, followed by pressure to invest more funds, only to eventually face blocked withdrawals and vanished contacts.
“It’s like they never existed,” said Fayaz Poyyl, an Indian expat from Kerala who invested $75,000 along with his brother Mohammad. “We called every number, but no one responded.”
Another investor, who lost $230,000, said he was matched with a “relationship manager” who spoke Kannada and used a mix of personal rapport and platform-based profits to gain trust. “At first, I was even allowed to withdraw small amounts. But then, the pressure started. They blocked withdrawals and asked for more deposits for higher trades,” he said.
Multiple victims said they were pushed to invest through Sigma-One Capital, an unregulated online trading platform. Some claimed Gulf First and Sigma-One were used interchangeably, suggesting a deeper coordination between the two.
“They guaranteed safe returns,” said Sanjiv, who lost his life savings. “Only later did I realize Sigma-One had no authorization from DFSA or SCA.”
Dubai Police have reportedly registered a case against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities have confirmed that neither entity had the necessary regulatory approval.
“I wish I’d checked their credentials,” said an investor who lost $50,000. “Now we’re left with empty offices and emptier bank accounts.”
As more investors come forward and police dig deeper into the extent of the fraud, this incident serves as a cautionary tale for anyone investing in unregulated financial platforms—especially in jurisdictions where regulatory loopholes can be exploited.
Dubai Investment Scam, Gulf First Commercial Brokers, Sigma-One Capital, Indian Investors, Forex Fraud, Business Bay Dubai, Expats Duped, Unregulated Platform, Investment Fraud, DFSA
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