Fraudsters scam investors out of millions of dirhams by impersonating Equiti,

By Staff Reporter

The UAE’s Securities and Commodities Authority (SCA) has issued a warning to investors regarding an unlicensed company allegedly impersonating the licensed UAE-based global broker, Equiti. Investors, including prominent figures like Dubai celebrity Lojain Omran, have reportedly fallen victim to the scam.

In its warning issued on March 27, the SCA said that MRL Investments, operating under the website equiity.com, is not licensed by the authority and has no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC) that operates under the licensed brand name of ‘Equiti’.

SCA emphasised that Equiity has no connection with Equiti which is licensed by SCA to engage in trading derivative contracts and currencies.