Dubai's financial regulator warns of fraudulent claims
Publication:
BIScom Subsection:
Wednesday, 8 May, 2019 - 08:58
The Dubai Financial Services Authority (DFSA) has issued a warning relating to fictitious claims made using the name "Hershel Escrow." False statements are listed below.
Hershel Escrow’s website (hershelescrow.com/) includes the following false statements:
• its office is located in the DIFC; and
• all escrows (client assets placed in custody or trust until specified conditions are met) are deposited in a “DFSA-insured bank”.
The DFSA says "Hershel Escrow is not and has never been authorised by the DFSA. Additionally, Hershel Escrow is not located within the DIFC jurisdiction. Further, the DFSA does not “insure” any person, including any bank."
