The Dubai Financial Services Authority (DFSA) has alerted the financial services community and members of the public to a fraudulent scam perpetrated by firms called Al Mashriq Commercial Investment Corporation and Al Mulla Atradius Insurance Consultancy and Brokerage LLC.
The regulatory authority said in a statement that Al Mashriq offers loans to prospective borrowers.
To obtain a loan, the borrower has to:
• Obtain a 'Surety Bond' from an Insurance Company called Al Mulla Atradius to guarantee the loan in the event of default; and
• Make a deposit of $53,000 for the Security Bond. The deposit is allegedly held 'with a local lawyer in their Trust Account'.
Prospective borrowers are provided with a false 'Certificate of Incorporation' for Al Mashriq allegedly issued by the DFSA, it said.
The scam also uses a fabricated letter of 'good standing' purported to be issued by the UAE Ministry of Finance. The fabricated letter falsely indicates that Al Mulla Atradius is registered as a company by the DFSA.
The DFSA said it does not issue certificates of Incorporation and has not registered Al Mulla Atradius as a company, or at all.
It said the documents referred to the above are false, and are part of a scam commonly known as an Advanced Fee Scam. The DFSA advises that you do not respond to any offers made by Al Mashriq or Al Mulla Atradius.
© Emirates 24|7 2014
