Two were released and one person is currently being questioned by Malaysian authorities. These actions were taken by the Malaysian authorities directly to assist the ongoing DFSA investigation.
The actions relate to the fraudulent investment scheme targeting Australian and Singaporean investors who were cold called by representatives of Cambridge Capital Trading, a fictitious London firm. Investors were directed to websites called the Dubai Options Exchange and a fictitious regulator, the UAE Commodity Futures Board. Cambridge Capital Trading asked investors to transfer funds to a bank account in Malaysia, upon becoming a client of the fictional exchange. The perpetrators took great care to construct realistic web sites, electronic answering services and a bogus facsimile in the UK to fool investors and to conceal their identities. The DFSA has confirmed that the billing address for the web sites is also false.
Civil court orders obtained in the Dubai International Financial Centre Court before the Chief Justice Sir Anthony Evans have now been served on the Internet service providers in the USA and Malaysia. It is expected that the websites will be closed down shortly with the cooperation of the internet service providers.
The DFSA is continuing its investigation, working jointly with ESCA and Dubai Police and our counterparts in the United Kingdom, USA, Australia and Malaysia.
Malaysian arrests follow DFSA internet investigation
Following the DFSA investigation into an Internet fraud in Dubai, the Malaysian Securities Commission in Kuala Lumpur yesterday made three arrests and froze USD 350,000 after finding a secondary account linked to the fraudsters.
- United Arab Emirates: Sunday, February 18 - 2007 at 14:00
- PRESS RELEASE
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Log in to request more information from DFSANotes and media contacts
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
For further information, please contact:
John Gilchrist
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0) 4 362 1662
Fax: +971 (0)4 362 0801
Angharad Irving-Jones / Fayrouz Adi
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0) 4 362 1662
Fax: +971 (0)4 362 0801
Posted by Lara Lynn Golden, News EditorSunday, February 18 - 2007 at 14:00 UAE local time (GMT+4)
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This Article was updated on Monday, April 09 - 2007
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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