UAE's watchdog warns about financial firms using "false certificates"

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There are financial companies in the UAE using "false certificates" in order to deceive potencial customers, the country's Securities and Commodities Authority (SCA) has warned

The SCA said that the warning came following inquiries from the public about the validity of registration and licence certificates presented by promoters and company representatives. The statement added that some companies which claimed to be licensed by the SCA and other regulatory agencies in the UAE were investigated and found to be unlicensed.

"As these certificates were found to be "false certificates" and the names of the companies mentioned therein are not registered or licensed by the SCA, and that the investment offers that are marketed and promoted by the delegates of these companies are "fake offers" aimed at investors, especially individuals," the statement said.

In most cases it turns out that these companies are ‘fictitious entities’ that carry out financial fraud and communicate with individuals through several means"
"In most cases it turns out that these companies are ‘fictitious entities' that carry out financial fraud and communicate with individuals through several means," the SCA added. "These companies introduce seductive offers, promises to ear high returns and to get rich quickly, and these claims are backed by forged documents and certificates of licences."
Anyone can check the list of licensed and registered companies on the website of the SCA and other regulatory bodies.

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