The FSRA (Financial Services Regulatory Authority) of the Abu Dhabi Global Market has issued a public alert regarding a suspected fraudulent scheme operated by an entity claiming the name E-Community, which operates from the website e-community.co. The regulator warned on 1 day ago that the firm makes false claims designed to mislead investors into believing it holds proper licensing and authorization to conduct regulated financial services activities in ADGM.
- Fraudulent Entity: E-Community (e-community.co)
- Regulatory Status: Not licensed or authorised by FSRA
- Alert Issued: 1 day ago
- Verification Method: Search FSRA Public Register for authorized firms
The FSRA expressed concern that E-Community‘s false claims pose a significant risk to potential investors and the general public. The regulator stated that only firms explicitly authorized by the FSRA are permitted to undertake regulated activities in ADGM, and advised market participants to verify any firm’s legitimacy before conducting business.
The FSRA instructed investors to consult its Public Register before engaging with any financial services firm. The regulator also recommended that concerns about entities falsely claiming incorporation or registration in ADGM should be reported to the ADGM Registration Authority’s Public Register. The alert underscores ongoing regulatory vigilance in the financial hub to protect investors from fraudulent operations.
The Abu Dhabi Global Market serves as a financial centre in the United Arab Emirates designed to provide transparency, efficiency, and integrity through progressive regulatory frameworks.
