Brief by Shorts91 NewsDesk / 10:44am on 22 May 2025,Thursday Business
A Dubai-based brokerage firm, Gulf First Commercial Brokers, has vanished overnight, leaving numerous investors, including many Indian expatriates, in financial distress. Operating from two offices in Dubai's Business Bay, the firm abruptly ceased operations without notice. The offices are now abandoned, with no response from the company. Among the defrauded are Kerala-based expats Mohammad and Fayaz Poyyl, who invested $75,000. The firm allegedly directed clients to an unregulated online platform, Sigma-One Capital, promising safe returns. Investigations revealed that Sigma-One Capital is not authorized by the Dubai Financial Services Authority or the Securities and Commodities Authority. The firm's sudden disappearance has left investors scrambling for answers and recovery of their funds. (PC: The Indian Express)
