The UAE’s financial regulatory authority has issued a warning to investors about fraudulent activities by entities impersonating licensed firms and operating without authorization.
The Securities and Commodities Authority (SCA) reported that an unknown entity is falsely claiming to represent Mena Corp Financial Services L.L.C – O.P.C., a company that has ceased operations and no longer enters into contracts with investors.
The public has also been cautioned against dealing with Inefex, which uses the websites https://www.inefex.pro and www.inefex.online. Inefex is not licensed to conduct regulated financial activities or provide related services in the UAE, and the SCA is not responsible for any transactions with this entity.
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To prevent fraud, the SCA advises investors to verify any company’s legitimacy by checking the list of licensed firms on its official website: www.sca.gov.ae. This can be done by visiting the homepage, selecting “Open Data,” and accessing the “Licensed Companies” section.
The authority stated it holds no responsibility for transactions with unauthorized entities and urges investors to exercise caution before making agreements or transferring funds.
The SCA reaffirmed its dedication to protecting investors and ensuring the integrity of financial transactions in the UAE. It noted that some entities continue to advertise and claim to perform regulated activities without the necessary licenses or approvals.
Investors are advised to avoid unlicensed entities and always verify authorization through official channels before entering any financial agreements.
