The Rise of "Cloned Firms": Protecting Your Assets from DGCX Impersonation Fraud
The UAE Securities and Commodities Authority (SCA) has issued a critical warning regarding a fraudulent entity impersonating the Dubai Gold and Commodities Exchange (DGCX). As reported by Khaleej Times, this "cloned firm" is using the name and reputation of a regulated exchange to solicit investments, marking a dangerous escalation in financial impersonation fraud in the region.
For investors and family offices in the UAE, this incident highlights a growing threat: the "authority scam." By mimicking the branding and credentials of established institutions, bad actors are bypassing traditional skepticism.
At Conflict Advisory Group, we specialise in the Corporate Intelligence and Asset Tracing required to identify these fraudulent entities before they compromise your capital.
The Anatomy of a Cloned Firm Scam
A "cloned firm" operation is a sophisticated form of identity theft where a fraudulent entity adopts the legitimate registration numbers, addresses, and branding of a regulated body. In the DGCX case, the scammers aim to:
- Legitimise Fraud: Using the DGCX name to provide a false sense of security for high-risk or non-existent trades.
- Target Global Investors: Leveraging Dubai’s status as a global commodities hub to attract international capital into unregulated, fraudulent accounts.
- Create Urgency: Often using high-pressure sales tactics that claim exclusive access to commodities markets through the "exchange."
Strategic Risk Advisory: Verification is Not Negotiation
In the UAE’s rapidly evolving financial landscape, trusting a website or a formal-looking document is no longer a sufficient security protocol. Conflict Advisory Group assists clients through:
1. Enhanced Due Diligence (EDD)
Before committing capital to any platform or entity, our Fact-Finding team conducts an independent audit. We move beyond public listings to verify the physical presence, regulatory standing, and ultimate beneficial ownership of the entities you are engaging with.
2. Digital Integrity Audits
Scammers often use "look-alike" URLs and hacked communication channels. Our Digital Forensics team analyses the technical footprint of an entity to detect red flags, such as recent domain registrations or inconsistent digital metadata, that point to a clone operation.
3. Rapid Asset Tracing & Intelligence
If you suspect you have engaged with a fraudulent firm, the first 48 hours are critical. We provide specialised Asset Tracing to map where funds have been moved, allowing your legal counsel to act swiftly with the relevant UAE authorities.
Operating with Compliance in the UAE
Conflict Advisory Group operates as a high-level Risk Advisory and Corporate Intelligence hub in the UAE. We provide the strategic intelligence and technical fact-finding that sophisticated investors require to navigate a high-risk global market.
- Corporate Intelligence: Uncovering the truth behind complex entity structures.
- Asset Location: Identifying where stolen or diverted wealth has landed.
- Brand Protection: Assisting legitimate firms in identifying and neutralizing clones that are using their name for fraud.
Resilience Through Verification
The warning from the SCA regarding DGCX impersonation is a call to action for every investor in the UAE. In 2026, the game has changed—scammers are no longer just faking bank accounts; they are faking entire exchanges. Protecting your wealth requires a relentless commitment to intelligence and a partner who knows how to spot the cracks in a fraudulent façade.
Are you conducting due diligence on a UAE-based entity or concerned about a suspicious investment offer? Explore our Services or contact Conflict Advisory Group today for a confidential Asset Tracing and Risk Assessment.