The Qatar Financial Center Regulatory Authority (QFCRA) yesterday warned investors and consumers about a purported investment fund ‘Qatar Investment Company’, claiming to operate here under its umbrella.
The QFCRA “strongly advises people to avoid any dealings with Qatar Investment Company, and any person connected with the company”, its spokesperson said, adding the company is purportedly “offering investment returns of 3,000% profit in 24 hours.”
“This firm is not licensed by the QFC Authority or authorised by the QFCRA,” the spokesperson said.
QFCRA said on its website, www.qatar-investment.biz, the company makes two false claims as that it is linked to a genuine company authorised by the QFCRA, namely QInvest; and that its address is at PO Box 22504 Doha, which appears to be the postal address of a non-QFC entity in Qatar.
The QFCRA said if consumers are offered financial services or advice by a firm, it is important that they confirm the firm is properly regulated to conduct financial services, and that they would benefit from the applicable protection afforded to consumers.
A firm that is properly regulated will be able to provide that confirmation quickly by referring the prospective consumer(s) to the public records maintained by its respective regulator.
If a firm states that it is authorised by the QFCRA, consumers can confirm this by checking the public register on its website at www.qfcra.com, the spokesperson added.
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