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The Dubai Financial Services Authority (DFSA) has issued an alert for the public and financial services community about a scam involving the fraudulent use of the its name.

The perpetrators of the scam use the name ‘Glade for Best Services FZE’ and make offers to consumers claiming that they have funds available for investment in businesses and companies.

Once consumers respond to the offer, the perpetrators falsely state that a number of fees and charges have to be paid so that the funds can be released.

The fees which the perpetrators falsely claim are required to be paid include "release fees", "liquidation charges" and "authorisation fees”, DFSA said in its alert note.

In an attempt to authenticate the scam, the perpetrators of the scam fraudulently use the name and logos of a number of UAE banks and government organisations, and claim that the fees and charges are levied by these organisations.

They fraudulently use the name and logo of law firm Al Tamimi & Co. also, and the name and signature of Mr Housam (sic) Hourani, the Managing Partner of Al Tamimi & Co.

One of the false fees charged by the perpetrators of the scam is a DFSA “authorisation charge”, it said. The perpetrators falsely claim that the DFSA's authorisation is required before the funds can be released, and that the “charge” is the fee which the DFSA charges to provide its authorisation.

The authority said it does not generally authorise the release of funds and does not have an “authorisation charge” for the release of funds.

It strongly advised that public should not communicate with the perpetrators of the scam, and under no circumstances should send any money to them.