(Dubai) The Dubai Financial Services Authority (DFSA) obtained injunctions to close down fraudulent web sites in which investors had already invested at least $600,000.
DFSA officials claimed that Husam A. Abu-Amara, with employees of his company Globalstar Telecom & Technology, operated Web sites called the Dubai Options Exchange, the United Arab Emirates Commodity Futures Board and Cambridge Capital Trading that claimed to offer financial services in the Dubai International Financial Exchange (DIFX).
The DIFX is located in the Dubai International Financial Center (DIFC), a free trade and free finance zone that debuted in 2004.
The scam mainly targeted investors in Australia and Singapore who were approached by representatives of Cambridge Capital Trading. The victims were directed to Web sites, and funds were then transferred into a Malaysian bank account.