UAE Warns Investors Against Scammers Impersonating Defunct Mena Corp Entity

(MENAFN- Khaleej Times)

The financial regulatory body of the UAE has issued a cautionary warning to investors regarding fraudulent activities involving entities impersonating licensed firms and operating without authorisation.

The Securities and Commodities Authority (SCA) announced that an unidentified entity is falsely claiming to represent Mena Corp Financial Services L.L.C - O.P.C.. This company has already discontinued operations and no longer enters into contracts with investors.

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The authority has also warned the public against dealing with Inefex, which operates through the websites and According to the SCA, Inefex is not licensed to conduct regulated financial activities or to provide related services in the UAE. The SCA assumes no responsibility for any dealings or transactions with this entity.

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To safeguard against fraud, the SCA advised investors to verify the legitimacy of any company by consulting the list of licensed firms available on its official website: The verification process can be done by navigating to the homepage, selecting“Open Data”, and accessing the“Licensed Companies” section.

The authority said that it bears no responsibility for any dealings or transactions conducted with unaffiliated entities, while urging investors to exercise extreme caution before engaging in agreements or transferring funds.

The SCA reiterated its commitment to protecting investors and ensuring the integrity of financial transactions in the UAE. The authority noted that some entities continue to publish advertisements and announcements falsely claiming to engage in activities regulated by the SCA, without obtaining the necessary licenses or approvals.

It cautioned investors to refrain from dealing with unlicensed entities and to always verify authorisation through its official channels before entering into any financial agreement.

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