Scamsters Dupe Investors out of Millions of Dirhams by Posing as Leading Broker Equiti

Company is pursuing legal measures against fraudulent actors and impostors

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Staff Writer, TLR

Published on March 28, 2024, 11:47:38


Securities Commodities Authority SCA UAE issued

The Securities and Commodities Authority (SCA) in the UAE has issued a cautionary alert to investors regarding an unlicensed entity allegedly posing as the reputable UAE-based global brokerage firm, Equiti.

According to media reports, investors, including notable personalities such as Dubai celebrity Lojain Omran, have been ensnared by this fraudulent scheme.

Lojain Omran

In its advisory released on March 27, the SCA clarified that MRL Investments, operating through the website equiity.com, lacks the necessary licence from the authority and bears no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC), which operates under the licensed brand name 'Equiti'.

The SCA underscored that Equiity has no association whatsoever with Equiti, which is authorised by the SCA to conduct trading activities involving derivative contracts and currencies.

Equiti, a reputable global fintech group, recognised even to the extent of having a Dubai metro station named after it, affirmed that it promptly notified the SCA upon uncovering the deceitful activities of Equiity, MRL Investments and a third-party call centre in Sharjah.

Equiti disclosed that entities adopting the deceptive trade name 'EQUIITY' lure deposits via telephone, Equiity.com, or the Equiity app.

According to Equiti, victims reported being contacted by a call centre situated in Sharjah. The company stated in a media report that the Sharjah entity falsely claimed affiliation with Equiti, citing the company's SCA licence and its connection with the Dubai metro station, despite the absence of the licence number on their own website.

Exploiting Equiti's credibility, the scammers persuaded victims to deposit funds through websites or apps associated with the fraudulent scheme.

Equiti has reportedly been collaborating closely with regulatory bodies such as the UAE's SCA and Mauritius' FSC to probe these incidents and uphold the industry's integrity. Additionally, the company is pursuing legal and law enforcement measures against these fraudulent actors and impostors.

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