UAE residents have been cautioned against scammers who use the name and other details of a licensed company to deceive investors. The Securities and Commodities Authority (SCA), which oversees securities in the UAE, has alerted that an unidentified party is falsely representing ADS Securities, a company licensed by the SCA. The scammers have utilized the official license issued to ADS Securities to prevent fraudulent activities by unknown entities.
The SCA urges all investors to verify the legitimacy of the entities they engage with before entering into any agreements or making financial transfers, and to consult the list of licensed companies available on the SCA's website. The UAE authorities regularly advise investors and residents to obtain information from trustworthy sources and to authenticate emails and messages received through various channels to avoid falling victim to fraud.
Previously, the SCA advised investors against engaging with Platinum FX company for any activities under its supervision, as the company lacked the necessary license to conduct such activities. Consequently, the SCA disclaims any responsibility for transactions related to this company.
