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Al Mashriq Commercial Investment Corporation (Al Mashriq)

Al Mashriq Commercial Investment Corporation (Al Mashriq) - Waarschuwing DFSA Dubai - 2014-May-07



DFSA Issues Alert Regarding Al Mashriq Commercial Investment Corporation and the Misuse of the Name of Al Mulla Atradius Insurance Consultancy and Brokerage LLC

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fraudulent scam perpetrated by a firm called Al Mashriq Commercial Investment Corporation (Al Mashriq).

Al Mashriq offers loans to prospective borrowers. To obtain a loan, the borrower has to:

• obtain a "Surety Bond" from an Insurance Company called Al Mulla Atradius Insurance Consultancy and Brokerage LLC to guarantee the loan in the event of default; and
• make a deposit of USD53,000 for the Surety Bond. The deposit is allegedly held "with a local lawyer in their Trust Account".

Al Mulla Atradius Insurance Consultancy and Brokerage LLC is a legitimate company name which was registered by Atradius and the Al Mulla Business Group. Atradius is a global credit insurer based in the Netherlands. The scammers have misused the name Al Mulla Atradius Insurance Consultancy and Brokerage LLC in order to legitimise the fraudulent scheme.

Prospective borrowers are provided with a false "Certificate of Incorporation" for Al Mashriq allegedly issued by the DFSA. The false Certificate of Incorporation can be viewed here.

The scam also uses a fabricated letter of "good standing" purported to be issued by the UAE Ministry of Finance. The fabricated letter falsely indicates that Al Mulla Atradius Insurance Consultancy and Brokerage LLC is registered as a company by the DFSA. The fabricated letter can be viewed here.

The DFSA:

• does not issue Certificates of Incorporation; and
• has not registered Al Mulla Atradius Insurance Consultancy and Brokerage LLC as a company, or at all.

The documents referred to above are false, and are part of a scam commonly known as an Advanced Fee Scam. The DFSA strongly advises that you do not respond to any offers made by Al Mashriq.

The DFSA has a page on its website dedicated to Alerts in relation to scams. All Alerts issued by the DFSA may be accessed by going to:

http://www.dfsa.ae/Alerts/Alerts.aspx

The DFSA has issued warnings and guidance about the common types of scams, including Advanced Fee Scams, perpetrated on consumers. For more information on these scams, please go to:

http://www.dfsa.ae/Pages/Alerts/HowToAvoidBeingScammed.aspx

If you have any concerns about the authenticity of any DIFC or DFSA correspondence or documents, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on www.dfsa.ae or via telephone on +971 4 362 1576.