The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to an advance fee scam by Abu Shoosha Commercial Brokerage LLC (ASCB) and Global Capital Funding Incorporation LLC (GCFI).

ASCB falsely claims on its website (https://www.ashcob.com) that it is located at an address in the Dubai International Financial Centre (DIFC), and GCFI falsely claims on its website (https://globalcapitalfundinginc.com) that one of its directors is a member of the DIFC Authority Board.

GCFI offers to provide loans to other companies to fund projects.  In order to obtain a loan, a borrower is required to pay “due diligence” fees and a premium for a surety bond from an insurance company nominated by GCFI, namely ASCB.  

The DFSA informs you that:

• neither ASCB nor GCFI are regulated by the DFSA;
• neither ASCB nor GCFI are located in the DIFC;
• insurance firms in the DIFC are only permitted to provide reinsurance products.  They are not permitted to provide insurance products; and
• no individual named on GCFI’s website is a member of the DIFC Authority Board.

The DFSA strongly advises that you do not respond to any communication regarding this scam, and under no circumstances should you send or give any money to any party in connection with the scam.