Investor alert: Dubai's Shuaa Capital warns of pandemic-related scams

Public advised to be 'extremely vigilant' of fraud attempts using firm's identity

  
Businessman Using Laptop On Desk In Office. Image used for illustrative purpose.

Businessman Using Laptop On Desk In Office. Image used for illustrative purpose.

Getty Images

Dubai-listed Shuaa Capital has urged the public to be cautious of investment pitches from scammers impersonating the company.

The asset management firm said fraudsters may take advantage of the coronavirus pandemic by posing as its authorised representatives to dupe unsuspecting investors in the UAE and abroad.

“Criminals and fraudsters may take advantage of these unprecedented times by using a variety of schemes, including using the name, corporate identity and the logo of Shuaa or particular members of the group or management team in different ways,” the company said in a bourse filing on Tuesday.

The company has also urged its clients and the public to report anything suspicious, especially if it involves the use of its logo, branding, tagline or any marketing materials.

“We alert our clients and the public to be extremely vigilant and report any suspicious act, action or omission (no matter how minor) involving the use of a Shuaa identity,” it said.

Shuaa, however, did not provide further details as to whether it has intercepted fraud attempts.

UAE authorities, including the Dubai Financial Services Authority (DFSA) have time and again issued warnings of fraudulent investment schemes in which con artists have used the names of top company officials to trick unsuspecting individuals into parting with their money.

In July, the UAE Central Bank alerted residents on the resurgence of fraudsters during a time of heightened uncertainty.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Risk