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Khaleej Times

UAE: Investors warned against illegal firm, unlicensed practices to avoid fraud

The Securities and Commodities Authority (SCA) has issued advisories cautioning the public against unlicensed entities. They have warned of an anonymous company falsely presenting itself as Gulf Islamic Investments LLC. In an official statement, they said that the SCA "bears no responsibility for any transactions conducted with entities unaffiliated with the official Gulf Islamic Investments LLC." "Investors are strongly urged to verify the legitimacy of any entity before entering into agreements or making financial transfers. To avoid falling victim to fraud, they should consult the official list of licensed companies available at: they added. Unlicenced Dubai-based company The authority also cautioned investors against dealing with the Dubai-based company ALYWRW FOR MARKETING AND PR L.L.C, as it is not licensed to conduct any financial activities or services regulated by the SCA. "The SCA bears no responsibility for any transactions conducted with this company. Investors are strongly advised to verify the legitimacy of any entity before entering into agreements or making financial transfers to avoid potential fraud," they said. Another warning was issued recently against dealing with MEX Atlantic Corporation as it is not licensed to conduct any activities regulated by the authority. This was in line with its supervisory role over UAE-licensed financial markets and its efforts to advance the national economy, ensure the integrity of financial transactions, and safeguard investor rights.