The Dubai Financial Services Authority (DFSA) is alerting the regulated community about a fraudulent scam which purports to sell fake DFSA licences and misuses the names of both the regulator and the Dubai International Financial Centre (DIFC) Authority.

A firm called "Professional Property Management", allegedly of "Al Barsha 1, Bilding (sic) No 8B, Behaind (sic) Mall of Emirates, Off No 304, Dubai, UAE",  is the perpetrator of the scam, according to the DFSA. Professional Property Management claims that: "The DFSA offers licences for a fee of US$18 million, with an additional US$30 million to be maintained in a DIFC account for five years; as an alternative, Professional Property Management can provide a DFSA licence including two furnished DIFC offices for US$25 million; and Professional Property Management can also arrange annual licence renewals with the DFSA for a fee of US$12,500."

As a matter of fact:

• Professional Property Management is not authorised or licensed by the DFSA or the DIFC Authority;
• Professional Property Management is not located in the DIFC;
• It is not possible to purchase a DFSA licence from Professional Property Management;
• The information provided by Professional Property Management concerning the DFSA's licence requirements is false; and
• The amounts which Professional Property Management claims are charged by the DFSA for the sale, transfer or renewal of licences are disproportionate to the fees actually charged for a DFSA licence.

The DFSA is advising people not to contact, nor to respond to, Professional Property Management or any other person or company representing them, and under no circumstances should anyone send Professional Property Management any money.