The Dubai Financial Services Authority (DFSA) has warned the financial services community and the public about a fraudulent scam promoted by ‘Skyo Microfinance Bank Limited’ which offers easy loan approvals in return for a fee to be transferred to them.
The scam involves the fraudulent bank asking individuals to transfer a fee to finance an insurance policy against the loan in addition to administrative fees. It also displays a false Certificate of Incorporation purportedly issued by the DFSA.
The DFSA has advised the public that they do not issue Certificates of Incorporation of any kind to any company, firm or individual and the Certificate used by Skyo Microfinance Bank Limited is false. The DFSA also strongly advised individuals not to respond to Skyo Microfinance Bank Limited or any other person or company representing the firm and warned against sending money to Skyo Microfinance Bank Limited.
For more information, the DFSA has a page on its website dedicated to informing the public about scams, including scams which misuse the name of the DFSA and/or the DIFC.
If you’re unsure whether you or your business has been affected by fraud, get in touch – we’re always happy to hear from you and always happy to help.