Fraud alert: Residents warned of fake bank operating in UAE

The Dubai Financial Services Authority (DFSA) has alerted the financial services community and the public about a fraudulent scam promoted by "Skyo Microfinance Bank Limited" which offers easy loan approvals in return for a fee to be transferred to them.

The bank asks individuals to transfer a fee to finance an insurance policy against the loan in addition to the administrative fees. It also displays a false Certificate of Incorporation purportedly issued by the DFSA.

The DFSA advised the public that it does not issue Certificates of Incorporation of any kind to any company, firm or individual. The Certificate which is used by Skyo Microfinance Bank Limited is false.

The DFSA strongly advised prospective individuals not to respond to Skyo Microfinance Bank Limited or any other person or company representing the firm. It also warns against sending money to Skyo Microfinance Bank Limited. 

The DFSA has a page on its website dedicated to informing the public about scams, including scams which misuse the name of the DFSA and/or the DIFC.