Dubai firm disappears overnight, Indian investors lose crores: ‘They guaranteed safe returns’

A Dubai-based brokerage firm has reportedly vanished overnight, leaving behind empty offices and devastated investors who claim to have lost millions of dirhams. The only remnants of Gulf First Commercial Brokers at their former offices in Capital Golden Tower, Business Bay, are a mop in a bucket and a black garbage bag, according to a report by Khaleej Times. 

Offices abandoned in a hurry

Until just last month, Gulf First operated out of suites 302 and 305 in the tower, employing around 40 staff members. Their primary role involved cold-calling potential clients to promote forex investments. Now, the once-bustling offices lie vacant, with phone lines ripped out and dust covering the floors.

“They returned the keys, cleared everything out and left like they were in a hurry,” a security guard told the Khaleej Times. “Now we have people coming daily asking about them.”

Indian investors count their losses

Among those affected are Indian expatriates Mohammad and Fayaz Poyyl from Kerala, who invested $75,000 with the firm.

“I came here looking for answers, but there's nothing, no one. Just empty offices. We called every number, but no one responded,” said Fayaz. “It’s like they never existed.”

Fayaz recounted how he was drawn in by his relationship manager. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” he said.

Another victim, who lost $230,000, said he was assigned a relationship manager who communicated with him in Kannada, his native language.

“The platform showed small profits at first, and I even withdrew some money — just enough to build trust,” he explained. “Then the pressure started. They blocked withdrawals and pushed me toward riskier trades while demanding more deposits.”

The scheme unravels

As more details emerge, investors allege that Gulf First heavily encouraged investments through Sigma-One Capital, an unregulated online trading platform.

“They guaranteed safe returns,” said Sanjiv, another Indian investor who said he invested his life savings into the scheme.

Another investor named Mohammad, who lost $50,000, said staff used the names Gulf First and Sigma-One interchangeably. “It was as if they were the same company,” he said.

Legal action underway

Dubai Police have confirmed that a case has been registered against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities further stated that Sigma-One Capital is not licensed by the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).

"I wish I'd checked their credentials," one investor lamented. "Now we're left with empty offices and emptier bank accounts."

Investigations are ongoing as more investors come forward with similar complaints.