A Dubai authority has warned the public about a scam that promises potential victims investment funds worth $3 million. The Dubai Financial Services Authority (DFSA) has issued an alert to the financial services community and residents about a scam, perpetrators of which uses false documents attributed to the DFSA.

According to an alert issued by the DFSA, the scamsters use a fake DFSA letter informing the recipient that $3 million worth of investment funds have been processed to be transferred to their nominated bank account.

The recipients are then asked to complete a fake DFSA 'fund reclaimant form' and pay a fee of $31,420 to complete the transaction. The fake DFSA letter also claims to be from the DFSA's chief executive officer and chief operating officer.

Rubbishing the scam, the DFSA said it does not process and transfer investment funds to any bank accounts.

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