Warning over fraudulant investment scheme

INVESTMENT FRAUD: The bogus investment scheme asks 'winners' to transfer sums of money from their UAE bank accounts.

The Dubai Financial Services Authority (DFSA) on Sunday warned against a fraudulent investment scheme that claims to be endorsed by the regulator.

The letters, which use the DFSA letter head, state that the recipient has won several hundred thousand US dollars in the “Middle East-Asia Promotion” sponsored by the “Emirates Foundation”.

In order to claim the prize, individuals are advised to transfer a sum of money to the DFSA for “registration of funds meant for international remittance before such funds could be approved for release”.

A person purporting to be the head of the International Swift Remittance/Transfer Department of a UAE Bank provides instructions on how to make the transfer.

“The false DFSA letter is an unauthorised use of the name, logo and letterhead of the DFSA and is a fraud. The DFSA strongly advises that you do not respond to the communication,” the regulator said in a statement.

Any concerns about the authenticity of DFSA correspondence should be directed to the DFSA complaints department, it added.

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