The SheforShe mentorship programme addresses these challenges by pairing selected trainees with top female real estate professionals in the region
uae1 day ago
The UAE's Securities and Commodities Authority (SCA) has issued a warning to investors regarding an unlicensed company allegedly impersonating the licensed UAE-based global broker, Equiti. Investors, including prominent figures like Dubai celebrity Lojain Omran, have reportedly fallen victim to the scam.
In its warning issued on March 27, the SCA said that MRL Investments, operating under the website equiity.com, is not licensed by the authority and has no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC) that operates under the licensed brand name of ‘Equiti’.
SCA emphasised that Equiity has no connection with Equiti which is licensed by SCA to engage in trading derivative contracts and currencies.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Recently, Lojain Omran shared on Snapchat her unfortunate experience of losing $27,000 to Equiity. In the post she also urged caution (screengrab below), emphasising the importance of conducting thorough research before engaging with any financial entities.
However, she could not be reached by Khaleej Times for a comment.
Equiti, a well-established global fintech group, with a Dubai metro station named after it, confirmed that they approached the SCA upon discovering the fraudulent misrepresentation made by Equiity, MRL Investments, and a third-party contact centre based in Sharjah. For legal reasons, the name of the Sharjah-based company is withheld by Khaleej Times.
Equiti said companies using the duplicitous trade name ‘EQUIITY’ coax deposits via telephone, through Equiity.com or the Equiity app.
Victims said they were contacted by a call centre located in Sharjah. "This company falsely claimed to be associated with Equiti, citing the company's SCA license and Dubai metro station affiliation, even though the license number was not displayed on their own website. By exploiting Equiti's reputation, the scammers convinced victims to deposit funds through websites or apps connected to the scam," said Equiti in a statement.
Mohammed AlAhmad Ketmawi, Equiti Group co-founder and CEO of ESCB said several misled investors have reached out to Equiti in recent days, with some reporting individual losses of up to half a million dollars.
Equiti has been working closely with regulatory authorities, such as the UAE’s SCA and Mauritius’ FSC, to investigate these incidents and support the integrity of the industry in addition to taking legal and police actions against such fraudsters/impersonators.
Equiti has also urged investors to check the footer of a website for the company’s regulatory details, to always call officially provided and verified company numbers, to offer to call back if contacted by an unrecognised phone number, or to refer to regulators' websites for confirmation of a company’s contact details and license validity before transfer.
ALSO READ:
The SheforShe mentorship programme addresses these challenges by pairing selected trainees with top female real estate professionals in the region
uae1 day ago
Shop-and-win draws have evolved through the years, becoming more accessible to many who dream of being the next lucky winner
uae1 day ago
The injured were transferred by air ambulance to the country's Sheikh Khalifa Medical City Hospital to complete their treatment
uae1 day ago
The Slacky Mile was initiated by Mouad Aburachid, a Moroccan-born balance coach who views slacklining as more than just a sport
uae1 day ago
This will mark the first public holiday of the year
uae1 day ago
Al Maktoum Archives will serve as a comprehensive repository for the Ruler of Dubai, encompassing his biography, collections, and literary works
uae1 day ago
The advisory comes in line with the country's official list of holidays released earlier this year
uae1 day ago
The annual prize honours individuals and organizations working to advance human fraternity and solidarity across the globe
uae1 day ago