DOHA: QFC Regulatory Authority has strongly warned investors against a “$160m Investment Fund” which claims to be operating from Qatar.
The regulatory authority yesterday advised people to avoid any dealings with the company called “Portable Fund” and “Portable Revenue System”, which claims it has an office in Tornado Tower in Doha.
Portable Fund claims on its website that it was licensed by the Qatar Financial Centre Authority in April 2007 and is authorised by the QFC Regulatory Authority.
With an authorised capital of $160m and paid up capital of $50m it started online investment programme in May this year, the Fund claims.
The QFC Regulatory Authority yesterday said the claims made by the Fund that it is authorised by the regulatory authority and it was licensed by QFC in April 2007 are totally false.
The Fund claims that it is operating from its offices on the 35th and 36th floors of Tornado Tower in West Bay.
But QFC Regulatory Authority said their claim is false and the Fund does not have an office in Tornado Tower.
“Portable Fund and Portable Revenue System (Portable) is not part of the QFC and it is not regulated by the QFC Regulatory Authority. This means customers of Portable are not protected by QFC consumer protection legislation”, the regulatory authority warned investors and customers.
“This company has made false claims about being authorised and licensed to conduct financial services in the Qatar Financial Centre. These misrepresentations are a clear warning sign that the company should be avoided”, said QFC Regulatory Authority CEO, Michael Ryan.
Ryan also stated that the Regulatory Authority is taking all appropriate actions to require Portable to withdraw the false statements regarding its regulatory status.
According to the website, the Portable Fund’s Branch No.1 is operating from 9 Apex Road, Sunninghill, Johannesburg.
The website is full of testimonials by investors who claim that they have earned amounts ranging from $300-$3000 in just two weeks. It notes the Fund is led by its Chairman “world famous investor” Alex Russman.
The Fund claims it has Partners in over 26 countries across the world.
When contacted, its India “Partner”, Vijay told The Peninsula on phone from the Southern city of Hyderabad that he did not physically invested any money in the Fund. An amateur investor by himself, Viajay said he just signed up the site and got $10 free on registration and the money was put in the real estate sector.
The Peninsula
