How a Dubai firm vanished overnight with millions, leaving Indian investors in the lurch

“They (firm management) returned the keys, cleared everything out, and left like they were in a hurry,” a security guard at Capital Golden Tower told the publication.

“Now we have people coming daily asking about them,” he added.

Indian among defrauded

Among those defrauded were Kerala-based expats Mohammad and Fayaz Poyyl, who together invested $75,000 with Gulf First Commercial Brokers.

“I came here looking for answers, but there’s nothing, no one. Just empty offices. We called every number, but no one responded. It’s like they never existed,” Poyyl told Khaleej Times after visiting the deserted office.

Another Indian investor, Sanjiv, claimed the firm directed clients toward an unregulated online platform, Sigma-One Capital. “The brokerage firm guaranteed safe returns and repeatedly assured innocent investors to convince them to invest their life savings,” he said.

Mohammad, who lost $50,000, said the staff used the names Gulf First and Sigma-One interchangeably, claiming they were part of the same operation.

Most victims said they were lured purely through persuasive phone calls. “My relationship manager convinced me to make an initial deposit of $1,000. Over time, I was pressured into adding more funds, lured by the illusion of smooth trading and early profits,” Poyyl recalled.

A police complaint has been filed against both Gulf First and Sigma-One. Investigations revealed that Sigma-One Capital is not authorised by either the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA).

The firm claimed to be registered in St. Lucia and said it had a Dubai office at Musalla Tower in Bur Dubai—but no such office exists. Authorities confirmed that there are no records of Sigma-One ever operating from the location.