The DFSA warning, which is also aimed at members of the financial services industry, said the emails have been made to look like a loan agreement titled “official fund approval notification” and feature the DIFC letterhead.
The documents allege that the “loan award committee” has approved the transfer of funds subject to a fee payment of 3.5%, and has done so under the guidance of legitimate employees of the DIFC.
They claim the fee is for the "application, registration, attorney fee, consultancy fee and everything related to the issuance of the loan".
But the DFSA clarified that 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.
“The email has been used by scammers to legitimise a fraudulent scheme,” it added.
The warning strongly advises against responding to any such invitations or sending the originator any money.
Last week International Adviser reported that the DIFC was encouraging more asset management firms to domicile their funds there.
The business centre has struggled to grow as a sizeable fund domicile because its local regime is either more complex than other offshore jurisdictions, or less credible than others in the EU or elsewhere.
In December last year, the DFSA set out proposals to create a new Qualified Investor Exempt Fund category, which is likely to be added to the Collective Investment Funds regime in the last quarter of this year, as well as pledging to refresh other rules.
According to Chris Harran, a national partner in the DIFC office of law firm Dechert, the changes are likely to make the centre more enticing to global asset managers, given its current attraction is “limited”.
