Dubai-based brokerage Equiti Group is working closely with regulators to crack down on an unlicensed company “EQUIITi” that impersonated the firm to scam investors.
“As an established brand in the region, it’s our commitment to ensure we can protect the community from malicious fraud” stated Mohammed AlAhmad Ketmawi, Co-founder of the Equiti Group and CEO of Equiti Group’s Equiti Securities Currencies Brokers LLC.
The unlicensed company, MRL INVESTMENTS LTD, operating the website WWW.EQUIITi.COM, allegedly exploited the broker’s reputation by convincing investors to deposit funds through linked websites and apps.
The SCA has issued a warning against the unregulated company across its official platforms.
In a statement on 27 March 2024, the SCA said: “The authority notes that the aforementioned company is not licensed by the authority to practice any of the activities subject to its control and supervision, and that the authority is not responsible for any dealings that take place with the aforementioned company in this capacity, and that the aforementioned company has no connection or relationship with Equity Securities Currency Brokerage Company LLC., licensed by the authority, to practice the activity of a broker in trading unregulated derivatives contracts and currencies in the spot market”
Equiti is taking every initiative available to protect investors in the UAE and maintain industry integrity.
The licensed Dubai-based brokerage urges investors to verify regulatory details before engaging with financial entities and to report any suspicious activities promptly.
About Equiti Securities Currencies Brokers (ESCB)
Equiti is a multi-asset broker and has established itself as a prominent global brokerage in the MENA region. The company was the first broker to announce its obtaining an OTC license issued by the UAE’s Securities and Commodities Authority in April 2022.
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