A Dubai-based brokerage firm, Gulf First Commercial Brokers, has mysteriously vanished, leaving Indian investors defrauded of millions.

Operating from Dubai’s Capital Golden Tower, the firm had around 40 staff who cold-called clients to promote forex investments, pushing them to trade via the unregulated Sigma-One Capital platform. Investors were lured with small initial profits, then pressured into making larger deposits, only to face blocked withdrawals. Suites 302 and 305 now lie abandoned, with phone lines disconnected and no trace of the company. Victims like Fayaz Poyyl and others from Kerala and Karnataka lost life savings ranging from $50,000 to $230,000. Dubai Police have filed cases against Gulf First and Sigma-One Capital, which lacked DFSA and SCA licenses. Victims now face financial ruin, betrayed by an elaborate scam.