Investors in the UAE urged to beware of fraudsters pretending to represent the terminated Mena Corp company
The Securities and Commodities Authority (SCA) in the United Arab Emirates has issued a warning to investors, urging extreme caution before engaging in agreements or transferring funds with unaffiliated entities.
The SCA has warned against dealing with entities impersonating licensed firms and operating without authorization. This includes Inefex, which operates through the websites https://www.inefex.pro and www.inefex.online, as it is not licensed to conduct regulated financial activities or provide related services in the UAE. The SCA also cautions against an entity falsely claiming to represent Mena Corp Financial Services L.L.C - O.P.C., as the company has discontinued operations and no longer enters into contracts with investors.
The SCA reiterates its commitment to protecting investors and ensuring the integrity of financial transactions in the UAE. However, it has not provided information about the potential impact of these fraudulent activities on the overall financial market in the UAE.
To verify the legitimacy of a company, investors are advised to consult the list of licensed firms available on the SCA's official website: www.sca.gov.ae. The verification process can be done by navigating to the homepage, selecting "Open Data", and accessing the "Licensed Companies" section on the SCA's website.
It is important to note that the SCA's warnings are not specific to any particular type of financial activity or service. The authority continues to warn against dealing with unlicensed entities, emphasizing the importance of verifying authorization through its official channels before entering into any financial agreement.
Ajanta Paul, a Senior Editor on the Digital team, has covered this story in her latest article titled "UAE: SCA warns investors against unlicensed firms, individual in Dubai". Known for her work in breaking news and community issues that matter to UAE residents, Ajanta's article provides a comprehensive overview of the SCA's warning and offers practical advice for investors.
In light of these warnings, it is crucial for investors to exercise due diligence and ensure they are dealing with legitimate, licensed entities. The SCA does not assume responsibility for any dealings or transactions conducted with unaffiliated entities.
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