Several UAE Traders Scammed by Forex Broker DUTTFX, Lose Hundreds of Thousands of Dirhams

A Dubai civil engineer has allegedly been defrauded of Dh180,000 by the forex broker DUTTFX. The victim's ordeal began in September 2024 when a so-called "relationship manager" from DUTTFX contacted him. Their conversations started with market insights, including volatility following U.S. bank collapses, enticing opportunities in commodities, and substantial dividends. Despite initial hesitation, the victim was ultimately persuaded to invest, only to lose Dh180,000 in the scheme.

This engineer is not alone. Many other victims in the UAE have also reported falling prey to DUTTFX and losing hundreds of thousands of dirhams, with some even taking bank loans or using credit cards to fund their “investments”, lured by claims of a "highly secure trading environment." However, not a single investor has visited DUTTFX’s office, because the broker has no office at all in the UAE. The broker appears to operate solely through a website and cold calls.

Another victim, 59, had a similar experience. When persistently approached by a man named Abhimanyu, she decided to test the investment with Dh1,000. The man set up an account for her, giving her access to a dashboard where she could monitor trades.

She was later pressured to invest in gold and silver despite her initial refusal. Abhimanyu assured her withdrawals were possible at any time. Trusting these assurances, she invested further in wheat and two currencies. 

However, when her account margin dropped, Abhimanyu warned her that she risked losing everything unless she deposited more funds. Like other victims, she eventually found herself unable to recover her money.

The scam uses familiar tactics. It begins with a friendly, reassuring, and persuasive cold call, where potential victims are encouraged to "test the waters" by investing a small sum, often $1,000. Fraudulent brokers sometimes allow small withdrawals to build trust and create the illusion of reliability.

Once trust is secured, the so-called relationship manager puts pressure. Victims are urged to make larger deposits with promises of high returns in forex, commodities, or cryptocurrency trading. Assurances of withdrawals at any time further build confidence. However, as deposits increase, victims face manipulation, with brokers pushing high-risk trades under the guise of "protecting profits." Ultimately, they find themselves unable to withdraw funds or contact their brokers. 

BrokersView has issued multiple warnings about DUTTFX. The firm is unlicensed and has been accused by numerous traders of fraud, refusal to process refunds, and coercive investment tactics. We advise avoiding dealing with the broker and emphasize the importance of verifying broker credentials before committing money.