UAE: SCA Warns Investors Against Unlicensed Firms, Individual In Dubai

(MENAFN- Khaleej Times)

The Securities and Commodities Authority (SCA) has issued a fresh warning to investors against dealing with an individual and a Dubai-based company found to be operating without approval.

In a notice published on its website, the regulator said Thoufeek Raja Abdul Majeeth is not licensed or authorised to carry out activities under its supervision.“The SCA assumes no responsibility for any transactions or dealings with him in this regard,” the statement noted.

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The SCA also cautioned against FX GLOBE Marketing Management, a Dubai-based firm, and Ajman Tadawul both of which are not authorised to conduct regulated financial activities or provide related services in the country. The regulator urged the public to refrain from dealing with these companies and to verify the licensing status of any entity before investing.

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The authority urged investors to verify the licensing status of any entity before transferring funds or entering into agreements, warning that transactions with unlicensed operators could leave them vulnerable to fraud. The move is in line with SCA's mandate under Federal Law No. 4 of 2000 to protect investors and safeguard the integrity of financial markets.

This is the latest in a series of advisories issued by the regulator. On July 17, the SCA cautioned the public against engaging with Sigma-One Capital, Sigma Wealth World Financial, and Sigma One Cap Marketing Services, none of which are licensed to operate in the UAE.

The warnings come on the heels of a series of Khaleej Times investigative reports that uncovered how such entities operating through shell firms, fake offices, and offshore registrations lured UAE residents into transferring thousands of dirhams through aggressive cold calls and misleading trading dashboards.

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