DFSA Warns of Scam Impersonating Firm Menhir Capital

The Dubai Financial Services Authority (DFSA) has alerted the financial services community and the public to a scam in which a legitimate DFSA Authorised Firm, Menhir Capital Management Limited, has been impersonated. The regulator's warning, dated 17 August, urges consumers not to respond to any communications linked to the scheme or send money to any party connected to it.

According to the DFSA alert, scammers set up a fraudulent website at www.masiju.com and used a fraudulent email address purporting to belong to the firm, misusing its name, its address in the Dubai International Financial Centre (DIFC) and its DFSA Firm reference number without permission.

What the DFSA Confirmed

The DFSA stated that the website and email address above are fraudulent, confirming that the firm's genuine email domain is “@menhircapital.ae” and its genuine website is “www.menhircapital.ae”. The regulator strongly advised the public not to respond to any communications regarding the scam or send money to any party connected to it, and pointed consumers to its Alerts page, its “How to avoid being scammed” guidance and its Public Register.

The Impersonated Firm

According to the DFSA Public Register, Menhir Capital Management Limited is a DIFC company licensed by the DFSA with reference number F007477, registered at Unit 08A, Level 7, Building 1 Currency House in the DIFC, licensed on 25 May 2023. It is authorised for services including advising on financial products, arranging custody and deals in investments, managing assets (including crypto tokens), arranging and advising on credit, and managing a collective investment fund restricted to Qualified Investor Funds and Exempt Funds.

A Discrepancy Between the Two Alerts

The DFSA published the warning in both English and Arabic; the Arabic-language version lists a fraudulent website at amaanahcapitall.com, which differs from the www.masiju.com website named in the English version.

A Similar Clone-firm Warning Elsewhere

In a separate case, the Danish Financial Supervisory Authority (FSA) warned the public on 13 December 2024 against the fraudulent use of the name Capital Four Invest by a so-called clone firm. Individuals offered investment in a fund to consumers using a name that could be confused with Capital Four Invest, managed by the Danish alternative investment fund manager Capital Four AIFM A/S.

They contacted consumers via capitalfourinvest-intl.com, possibly using similar domains and related email addresses, with communication in French. They were not authorised by the French Prudential Supervision and Resolution Authority (ACPR), the Financial Markets Authority of France (AMF) or the Danish FSA, and the authorised Danish firm and the fund have no link with capitalfourinvest-intl.com. The Danish FSA advised against responding to any offer, transferring money to any mentioned account, or communicating with these individuals.