A brokerage house based in Dubai, Gulf First Commercial Brokers, has suddenly shut down its operations leaving in its wake a financial ruin of Indian investors. The company, which had earlier been based in suites 302 and 305 at Capital Golden Tower, Business Bay, has disappeared from the scene—its office now as empty as can be except for a bucket, a mop, and a refuse bag.
Dubai Offices Empty, No Answers
Just weeks earlier, Gulf First had about 40 staff who cold-called prospective clients to sell forex trading schemes. Now, both offices lie empty, with dust-filled floors and torn-out telephone lines. A security officer in the tower said, “They handed back the keys, pulled everything out and left as if they were rushing. Now there are people coming every day to enquire about them.”
Indian Investors Heartbroken
The unexpected vanishing act has left investors, particularly from India, in tears. Brothers Mohammad and Fayaz Poyyl from Kerala had invested $75,000 in the company and are finding it hard to get even simple data back. “I came here seeking answers, but there’s nothing, no one. Just empty offices. We called every number, but no one replied,” Fayaz said. “It’s as if they never existed.”
He explained that the company enticed him to deposit more money in the course of time. “My relationship manager encouraged me to deposit $1,000 initially. With time, I was coerced into depositing more funds, enticed by the fantasy of smooth dealing and prompt profits,” he said.
Another investor, who lost a whopping $230,000, explained that the company tricked trust by first permitting small withdrawals. “The platform made small gains in the beginning, and I even took out some cash just enough to get me to trust it. Then the pressure began. They froze withdrawals and incentivized riskier trades while requiring more deposits,” he mentioned.
Dubious Trading Platform and False Promises
A number of victims in fact now think that Gulf First was routing client funds into an unregulated platform, Sigma-One Capital. Sanjiv, another Indian investor, told them, “They promised safe returns,” as he described how the firm aggressively sold Sigma-One.
Mohammad, who lost $50,000, explained the two names: Gulf First and Sigma-One were utilized interchangeably, confusing clients. The authorities later established that Sigma-One Capital was not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).
“I wish I’d checked their credentials,” expressed one investor. “Now we’re left with empty offices and emptier bank accounts.”
