The Dubai Financial Services Authority (DFSA) has obtained injunctions in the Dubai International Financial Centre (DIFC) Court against the operators of the Euro-America Index.
The DFSA was alerted to the operations of Euro-America Index after the company purported to offer returns of between 100% to 230% on 100 day index investment products. On its website, Euro-America Index claimed to have three global trading centres, including Chicago and Zurich, as well as one based in Dubai, and referred to the DIFC. The DFSA investigation has revealed that Euro-America Index was never authorised to trade in any of these financial centres, including the DIFC.
The DFSA was assisted in this investigation by the US Securities and Exchange Commission (SEC) and the Swiss Federal Banking Commission (SFBC).
The orders, which prohibited the operation of the website and stopped the conduct of Euro-America Index, were made by the Deputy Chief Justice of the DIFC Court, the Honourable Michael Hwang after a court appearance in Dubai via a video link with the judge in Singapore. Cooperation was received from the website domain owner, Domains by Proxy Inc. and GoDaddy.com, based in Arizona, USA.
David Knott, DFSA Chief Executive explained that: “Once again the DFSA acted swiftly to protect the reputation of the DIFC and prevent potential loss to investors. Investors must exercise extreme caution when they view sites on the internet, be sure to obtain confirmation that the organisation is licenced and obtain independent financial advice before parting with their money. We are starting to see an increased trend in these types of e-frauds in the Middle East. Where they occur in our jurisdiction, the DFSA will take appropriate action."
Last month, after a DFSA investigation into an internet fraud in Dubai, the Malaysian Securities Commission in Kuala Lumpur made three arrests and froze US$350,000. The actions related to a fraudulent investment scheme targeting Australian and Singaporean investors who were cold called by representatives of Cambridge Capital Trading, a fictitious London firm. Investors were directed to websites called the Dubai Options Exchange and a fictitious regulator, the UAE Commodity Futures Board.
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