The Securities and Commodities Authority (SCA) has issued a new warning to investors about an individual and a Dubai-based company operating without approval.
According to a notice on its website, the regulator specified that Thoufeek Raja Abdul Majeeth is neither licensed nor authorized to perform activities under its jurisdiction. “The SCA assumes no responsibility for any dealings with him,” the statement emphasized.
The SCA also warned against FX GLOBE Marketing Management, a Dubai-based company, stressing that it is not approved to offer regulated financial services or conduct related activities.
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The authority advised investors to confirm the licensing status of any firm before transferring funds or signing agreements, cautioning that transactions with unauthorized operators could expose them to fraud. This action aligns with SCA’s mandate under Federal Law No. 4 of 2000 to protect investors and maintain the integrity of financial markets.
This warning is part of a series of advisories from the regulator. On July 17, the SCA warned against engaging with Sigma-One Capital, Sigma Wealth World Financial, and Sigma One Cap Marketing Services, none of which are licensed to operate in the UAE.
The warnings follow a series of Khaleej Times investigative reports revealing how such entities, using shell companies, fake offices, and offshore registrations, persuaded UAE residents to transfer large sums through aggressive cold calls and misleading trading platforms.
