The ADGM Financial Services Regulatory Authority (FSRA) issued an alert to the financial services community and the public about a fraudulent online loan scam promoted via https://instantloaninc.com/ by persons claiming to represent an entity named “Instant Loan Inc”. The website falsely purports to offer loans to individuals and corporates and then seeks fraudulent upfront payments for purported services in ADGM, such as company incorporation. The FSRA warned that scammers may falsely claim to represent ADGM, use official-sounding names, logos or documents, and attempt to obtain personal or financial information or induce fund transfers. It reiterated that ADGM does not process loans and will not ask for any form of upfront payment for loan processing, advised recipients of unsolicited communications claiming to be from ADGM to act with caution, and reminded the market that only firms authorised by the FSRA can undertake regulated activities in ADGM. The alert advises verifying firms through the ADGM Registration Authority’s Public Register and checking the FSRA’s Public Register to confirm whether an entity has Financial Services Permission to conduct regulated activities in ADGM.

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