UAE regulator warns of fake entity posing as Emirates Investment Bank

The UAE Securities and Commodities Authority (SCA) has warned investors about an unidentified entity impersonating Emirates Investment Bank and operating through a cloned website.

The SCA, the federal regulator for financial markets in the UAE, said in a notice that the entity had circulated fake documents using its logo and those of other institutions.

Recommended For You

Abu Dhabi boosts drive for 120,000 new jobs, Dh228b GDP lift

UAE announces travel ban to Mali, calls on visiting citizens to return

Abu Dhabi: Building fire under control on Al Reem Island; no casualties reported

What’s On This Week: Dubai’s Thomas targets PGA Tour status at Final Stage Q-School

Recent surrenders could mark the beginning of the end of Naxal violence

 

The alert said the operation was also running websites including www.uaeinvbank.com, which falsely present themselves as part of Emirates Investment Bank.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The regulator said the entity is not authorised to offer investment services in the UAE and urged investors to check the licensing status of any company before signing agreements or transferring funds. A list of all licensed firms is available on the SCA’s official website.

Earlier this month, the SCA issued another warning to investors, urging them to be careful while using trading apps. Some apps are owned by unlicensed firms and can expose you to legal liability. You can also be found in violation of AML laws if you use trading apps for illegal purposes.

Mazhar Farooqui

• 
• 

mazhar@khaleejtimes.com

Mazhar Farooqui, or Maz, is a multiple award-winning investigative journalist and Senior Editor at Khaleej Times. Renowned for exposing corruption and uncovering major scams, he is also the author of The Maz Files: Scoops, Scams & Showdowns.