Overview

• Gulf First Commercial Brokers abruptly abandoned its Dubai offices, leaving behind dust-covered floors, torn-out phone wires, and no trace of its operations.
• The firm lured primarily expatriate investors into forex schemes via cold calls, promising small early profits to build trust before blocking withdrawals.
• Clients were directed to Sigma-One Capital, an unregulated trading platform falsely marketed as safe and reliable, leading to significant financial losses.
• Dubai Police have filed criminal complaints against both Gulf First and Sigma-One Capital, confirming the latter’s lack of regulatory authorization.
• Investors, including many Indian expatriates, continue seeking answers and restitution as investigations into the firm’s sudden disappearance progress.