Investors Duped as Brokerage Firm Gulf First Disappears Overnight

Dozens of investors have been left devastated after Gulf First Commercial Brokers, a Dubai-based brokerage firm, abruptly shut down operations, vanishing with millions of dirhams in client funds. A police complaint has been filed against Gulf First and its associated entity, Sigma-One Capital.

The firm’s once-bustling offices at Capital Golden Tower in Business Bay now stand abandoned. Outside suite 302, a garbage bag and mop are all that remain — a stark contrast to the 40 employees who, until recently, occupied suites 302 and 305, aggressively marketing forex investments to unsuspecting clients.

Among the victims are Keralite expats Mohammad and Fayaz Poyyl, who jointly invested $75,000. “We came to find out what happened, but the place is deserted. We tried calling all the numbers — no answer. It’s like they vanished,” Fayaz said.

Sanjiv, another Indian investor, explained how Gulf First lured clients into transferring funds to Sigma-One Capital, an unregulated online trading platform. “They promised guaranteed returns. I put in my life savings,” he said.

Many investors were misled to believe Gulf First and Sigma-One were the same company, with staff reportedly using the names interchangeably. Mohammad, who lost $50,000, confirmed the tactic.

Authorities have since confirmed that Sigma-One Capital is not licensed by the DFSA or SCA. The company falsely claims to be registered in St. Lucia and to operate an office in Musalla Tower, Bur Dubai — yet no such office or registration can be traced.

“I wish I had verified their credentials,” said one disheartened investor. “Now all we’re left with are empty offices and even emptier accounts.”