Through a process called “cloning”, the conmen are using the name “NAJD Investments Limited” to misrepresent themselves as an existing DFSA authorised firm based in the Dubai International Financial Centre (DIFC) which previously operated under a very similar title.
The DFSA said the scammers have a specific modus operandi, whereby they claim to be a company member to firms and members of the public before advising them to take out a guaranteed fixed rate loan, fraudulently entitled a “debt project financing facility”.
In order to secure the loan, customers are then advised to put an “advance closing fee” into a performance bond at a fake UAE insurance company costing either €53,000 or $56,000.
The DFSA said it “strongly advises that you do not respond to representations of this type”, and added that “under no circumstances should you send any money to the scammers”.
It also said that customers should always check the DFSA and DIFC public registers when dealing with firms, in order to check their authenticity.
The DFSA issued another warning earlier this month after a series of scam emails claiming to be affiliated with the DIFC were used by conmen to fraudulently demand money from members of the public.
The emails, which had been made to look like a loan agreement titled “official fund approval notification” featuring the DIFC letterhead, alleged that the “loan award committee” had approved the transfer of funds subject to a fee payment of 3.5%.
But the DFSA said the emails could not be legitimate because the DIFC does not have a loan award committee, lend money to consumers, provide access to funds or credit or issue loans for a 3.5% fee.
