Dubai, May 22: A UAE-based brokerage firm operating out of Dubai’s Business Bay has abruptly shut down, leaving behind deserted offices and investors scrambling for answers after losing millions of dirhams in what appears to be a large-scale financial scam.

Gulf First Commercial Brokers, once housed in two offices at Capital Golden Tower, ceased operations without notice. When investors visited the site recently, they found dust-covered floors, ripped phone wires, and empty rooms, all signs of a rushed exit. "They returned the keys and cleared out everything in a hurry," a security guard told Khaleej Times. "People come daily asking about them." Meta Purges Over 2 Million Accounts Linked To Scam Centres in Myanmar, Laos, Cambodia, UAE and Philippines.

Gulf First Commercial Brokers Operating in UAE Vanishes Overnight

The firm reportedly employed around 40 staff who cold-called investors, pushing high-return forex trading schemes. Victims claim they were lured into investing through Sigma-One Capital, an unregulated online trading platform allegedly linked to Gulf First.

Investors Lose Millions in Financial Fraud

Among the defrauded are Kerala-based expats Mohammad and Fayaz Poyyl, who jointly invested USD 75,000. “We called every number we had. No one is answering. It’s like they vanished,” said Mohammad. Another investor, Sanjiv, said the company guaranteed safe returns and frequently reassured investors over the phone. Some investors were even initially allowed small withdrawals to gain their trust, before access to funds was abruptly blocked and pressure to deposit more money intensified. Microsoft Sues Lumma Stealer As Lumma Malware Infects Nearly 4 Lakh Windows Computers.

One victim said he lost USD 230,000 and was assigned a relationship manager who communicated in his native language, Kannada, to build rapport. “At first, the profits looked real. Then the pressure started. They blocked withdrawals and pushed me toward risky trades.”

Dubai Police have registered complaints against both Gulf First Commercial Brokers and Sigma-One Capital. Investigations revealed that Sigma-One is not authorised by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). The firm falsely claimed to be registered in St. Lucia and to have an office in Musalla Tower, Bur Dubai, neither of which could be verified.

(The above story first appeared on LatestLY on May 22, 2025 12:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).