Dubai’s DFSA Warns of Scam Impersonating Authorised Firm EGS Capital Limited

The Dubai Financial Services Authority (DFSA) has issued a warning after identifying a scam in which fraudsters impersonated an authorised DIFC firm, EGS Capital Limited. The scheme involved the use of cloned websites, false contact details and forged documents designed to mislead potential victims into making payments.

According to the DFSA, the perpetrators created fraudulent websites using the firm’s name and DIFC address without permission. These sites closely replicated the look and structure of EGS Capital Limited’s legitimate website, including branding and presentation, to give the impression of authenticity. The scammers also referenced international addresses in London and Amsterdam that have no connection to the authorised firm.

To reinforce credibility, the operators falsely claimed DFSA authorisation and used unauthorised email addresses and telephone numbers. In addition, the DFSA identified a fraudulent letter circulated to at least one potential victim. The document impersonated EGS Capital Limited, featuring a fake letterhead, logo and company stamp, and falsely claimed to be signed by the firm’s Money Laundering Reporting Officer. The letter requested payment for alleged outstanding fees, despite having no approval or connection to the firm.

The DFSA confirms that EGS Capital Limited has no association with the fraudulent websites, contact details or communications involved in this scam. While the identified websites are no longer accessible, the authority warns that similar fraudulent domains may emerge.

Consumers are strongly advised not to respond to any related communications and not to transfer funds to any parties claiming to represent EGS Capital Limited outside of its verified channels. The DFSA reminds the public to verify firms and individuals through its official Public Register and to rely only on confirmed, legitimate website domains.

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