Investors arrived at Capital Golden Tower in Business Bay expecting answers, yet they found only dust, ripped phone lines, and a black garbage bag leaning against an abandoned doorway. Until last month, roughly 40 employees of Gulf First Commercial Brokers crowded suites 302 and 305, relentlessly cold-calling prospects with promises of safe forex returns. However, the entire team suddenly cleared out, leaving millions of dirhams unaccounted for and scores of clients in shock. Consequently, victims rushed to Dubai Police and filed a joint complaint against Gulf First and a linked online platform, Sigma-One Capital.
High-Pressure Tactics and Mounting Losses
Keralite expatriates Mohammad and Fayaz Poyyl together transferred US $75,000 after relationship managers assured them of guaranteed gains. Meanwhile, Sanjiv, another investor, explained how callers pushed everyone toward Sigma-One, an unregulated website that claimed registration in St Lucia and showed a fake address in Bur Dubai. Because Sigma-One never appeared in DFSA or SCA databases, many investors now realise—with regret—that those assurances were empty. Despite small early withdrawals that built trust, the platform soon blocked further payouts and urged fresh deposits. One Kannada-speaking client eventually poured in more than $230,000, using credit cards, bank loans, and even his wife’s savings, only to watch “trades” appear in obscure assets such as “wheat.spot.”
Although staff used Gulf First and Sigma-One interchangeably, callers insisted both operated under one umbrella. Therefore, when the Business Bay offices shut down overnight, victims suspected a coordinated exit plan. Security guards confirmed a hasty move-out: managers returned keys, cleared equipment, and departed “in a hurry.” As a result, distressed customers now flock daily to the tower, searching for anyone who might explain where their funds went.
Investigation Widens as Pattern Emerges
Dubai Police have opened an inquiry, and officers are gathering evidence that links this case to earlier cold-call scams such as DuttFx and EVM Prime. Because each scheme followed a similar pattern—aggressive phone pitches, easy initial profits, blocked withdrawals, and vanishing offices—investigators believe a single syndicate may control multiple fronts. Moreover, legal experts warn that victims face uphill battles recovering funds, since the perpetrators used overseas registrations and anonymous payment channels.
Nevertheless, authorities urge affected residents to submit full documentation, including bank transfers, chat logs, and recorded calls. While the investigation unfolds, consumer advocates remind the public to verify brokerage licences through official UAE regulators before sending any money. In the meantime, creditors hound many victims who borrowed heavily to invest, and some banks have already filed lawsuits over maxed-out cards.
Because thousands of dirhams disappear so easily in unregulated online markets, financial advisers stress due diligence above all. Ultimately, investors now hope swift police action will trace the missing millions and hold the architects of this elaborate fraud accountable.
