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Algaddah Investment LLC

Algaddah Investment LLC - Waarschuwing DFSA Dubai - 2012-Oct-14



DFSA Issues Alert on Advanced Fee Scam

The Dubai Financial Services Authority (DFSA) issues the following alert about a scam facilitated by a firm called Algaddah Investment LLC through the website:

http://www.algaddahinvestmentllc.com

The website states that the address of Algaddah Investment LLC is "The Gate, East Wing, Dubai, United Arab Emirates".

This information is false. Algaddah Investment LLC is not located at that address or, indeed, anywhere in the Dubai International Financial Centre (DIFC). The firm is also not licensed or regulated by the DFSA and has not been incorporated by the DIFC Registrar of Companies, therefore, conducting any form of business with this firm is highly risky.

Algaddah Investment LLC contacts companies and other consumers offering access to loan funds of up to USD $6.5million. Any company or consumer who makes enquires as to the loan is then advised to procure a bond from AIB Insurance Group and pay underwriting fees in the amount USD $56,100.
The scam referred to above is linked to organised fraud and the DFSA strongly advises that you do not respond to such invitations.


The contact details for Algaddah Investment LLC matches the contact details for Alma Investment LLC. An Alert was issued by the DFSA in respect of Alma Investment LLC on 29 April 2012. The Alert can be found at:

http://www.dfsa.ae/Alerts/DispForm.aspx?ID=36

The DFSA has recently issued warnings and guidance in regard to the common types of 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 a firm’s regulatory status you should direct your concerns to the DFSA Complaints function by accessing the complaints portal on the DFSA website or by calling the DFSA on Tel: +971 4 3621500.