The Dubai Financial Services Authority (DFSA) has warned members of the public and the financial services community about a social media scam.
The fraudsters set up a fake LinkedIn profile which appears to represent the DFSA and even includes photos of current employees.
It outlined a fictional $10m (£8.1m, €9.2m) loan with 0% interest provided by the watchdog for the purposes of:
- Promoting the Indian economy;
- Helping young start up entrepreneurs;
- Supporting the good people of India because of covid-19.
The post, which has since been taken down by LinkedIn, contained a link to an application form.
No lending
In a statement on its website, the DFSA confirmed that it does not offer loans to consumers of any kind.
The watchdog strongly advised that people do not respond to scammers and under no circumstances send or give any money to them.
