Kerala brothers among scores of Indian investors duped as Gulf First vanishes with investor funds
A Dubai-based brokerage firm, Gulf First Commercial Brokers, has disappeared overnight, allegedly defrauding investors — many of them Indian expats — of millions of dirhams.
Among the most devastated are brothers Mohammad and Fayaz Poyyl from Kerala, who together invested $75,000 with the now-vanished firm, reported deccanherald.com.
The firm operated out of Dubai’s Business Bay, left behind empty offices and unanswered calls, leaving Indian investors in shock and financial ruin.
Until last month, Gulf First ran its operations from suites 302 and 305 of Capital Golden Tower in Dubai’s Business Bay.
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Around 40 employees were reportedly involved in aggressively cold-calling clients to promote forex investments
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Today, the office lies abandoned, with phone lines ripped out, furniture gone, and only cleaning tools left behind
“They returned the keys, cleared everything out and left like they were in a hurry. Now we have people coming daily asking about them,” a security guard at the building told Khaleej Times.
Fayaz Poyyl, who lost tens of thousands of dollars, described his futile attempts to contact the firm. “I came here looking for answers, but there’s nothing. Just empty offices. We called every number, but no one responded. It’s like they never existed,” he said.
Victims say they were lured by promises of fast profits, fake trading platforms, and relationship managers who spoke their native languages.
The firm reportedly linked clients to Sigma-One Capital, an unregulated online platform, assuring safe and steady returns. Investors said they initially saw small profits and were able to make minor withdrawals — just enough to gain their trust.
One investor, who lost $230,000, said his Kannada-speaking relationship manager convinced him to invest progressively larger amounts. “Then they blocked withdrawals, pushed riskier trades, and kept demanding more deposits,” he added.
Sanjiv, another Indian victim, confirmed the firm promoted Sigma-One as part of their operations. Mohammad, who lost $50,000, said the staff used Gulf First and Sigma-One names interchangeably, presenting them as the same company.
Dubai Police have since registered cases against both Gulf First Commercial Brokers and Sigma-One Capital. Authorities confirmed that Sigma-One is neither licensed by the DFSA (Dubai Financial Services Authority) nor the SCA (Securities and Commodities Authority).
