Computer Crime Research Center


Investment scam

Date: April 19, 2007

The Dubai Financial Services Authority (DFSA) yesterday warned investors to exercise caution when investing through online portals after foiling yet another internet scam.

The warning came after DFSA closed down, a Dubai-hosted website used to front an unlicensed investment company, SMI Equity, using the UAE as a base address on the website.

The DFSA was alerted to the unlicensed operation by an investor in the Czech Republic who had deposited $45,000 (Dh165,510) into the bank account of SMI Equity and received no response.
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