How a Dubai firm vanished overnight with millions, leaving Indian investors in the lurch | World News

In a shocking case of financial fraud, a UAE-based brokerage firm has vanished overnight, leaving scores of investors—including many Indian expats—struggling to recover millions. Gulf First Commercial Brokers, once operating out of two plush offices in Dubai’s Business Bay, has reportedly shut down operations without any notice.
Until last month, the firm had nearly 40 employees working out of Capital Golden Tower, aggressively cold-calling investors with forex trading offers, according to Khaleej Times. Now, the offices lie abandoned, strewn with dust, ripped phone cables, and unanswered questions.
“They (firm management) returned the keys, cleared everything out, and left like they were in a hurry,” a security guard at Capital Golden Tower told the publication.
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“Now we have people coming daily asking about them,” he added.
Indian among defrauded
Among those defrauded were Kerala-based expats Mohammad and Fayaz Poyyl, who together invested $75,000 with Gulf First Commercial Brokers.
“I came here looking for answers, but there’s nothing, no one. Just empty offices. We called every number, but no one responded. It’s like they never exed,” Poyyl told Khaleej Times after visiting the deserted office.
Another Indian investor, Sanjiv, claimed the firm directed clients toward an unregulated online platform, Sigma-One Capital. “The brokerage firm guaranteed safe returns and repeatedly assured innocent investors to convince them to invest their life savings,” he said.Story continues below this ad
Mohammad, who lost $50,000, said the staff used the names Gulf First and Sigma-One interchangeably, claiming they were part of the same operation.
Most victims said they were lured purely through persuasive phone calls. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured the illusion of smooth trading and early profits,” Poyyl recalled.
A police complaint has been filed against both Gulf First and Sigma-One. Investigations revealed that Sigma-One Capital is not authorised either the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).
The firm claimed to be regered in St. Lucia and said it had a Dubai office at Musalla Tower in Bur Dubai—but no such office exs. Authorities confirmed that there are no records of Sigma-One ever operating from the location.
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