The Dubai Financial Services Authority has issued a warning against a fake bank offering easy loans.
The DFSA announced on Wednesday that Dubai residents should not deal with “Skyo Microfinance Bank Limited”.
The said bank is fake and its offer for easy loans the statement said.
The scheme works by telling potential victims that there’s an easy loan they can avail in exchange of processing fee.
The DFSA added that Skyo Microfinance Bank Limited requested people to transfer a fee to finance an insurance policy against the loan in addition to the administrative fees.
It is also using a false Certificate of Incorporation purportedly issued by the DFSA.
The false certificate was also posted on the DFSA website to advise the public of this scam.
The government reminds customers to check relevant websites, check the company you are dealing with, deal with people you trust and use common sense.
