Apologies for the late response,but agree re reporting. I reported to Action Fraud UK,FCA [Financial Conduct Authority] UK,Dubai financial services authrity Dubai Financial Services Authority, US authority [useful website]: U.S. Commodity Futures Trading Commission I think that these organisations are flooded with reports as this kind of fraud is on the increase. But I will check again with Action Fraud to see if there is any active investigation & if they would like reports from others [not in the UK]. John
Just to add that I have contacted Action Fraud & they only take reports where the perpetrator or the victim is UK based…silly really as I would think that all additional info on this fraud would be helpful. I got this info from online chat;I tried to telephone to give an update but they are too busy at the moment to take my call!! John
Hi, there! Do no deal with these crooks from Prime Capital under any pretext! They cold call and worm into your confidence only to take advantage of unexperienced traders. The only possible outcome is that they will sting you in no time and then will make a disappearance overnight! There is no tight financial regulation in Dubai unless you operate under the auspices of DFSA. These guys claim they operate from a nice tower in Dubai Marina and occupy the entire floor. Nothing of the sort! Even their address is a sham. It states Dubai Marina, Al Habtoor Business Tower, 9th Floor. How could this address be possibly right? They rely on the clientele who is still green behind their ears! I tried to visit their sham offices in Dubai in Feb 2014 but there is NOTHING! The security offices downstairs were taken aback that somebody could still enjoy office space on a never occupied ninth floor! Their telephone numbers seem to be disconnected and emails just go unanswered! Stay clear of the cold calling and never entrust your money to such swindlers who use a nice financial lingo and whom you have never seen in the flesh! It is a SHAM & SHAME on these bastards!
Too late 
Lesson learned …
Hi all! I’ve lost quite a bit of money with these bastards as well. I’ve learned recently that Prime Capital might in fact was registered in Dubai and they filed for bankruptcy in November 2013. Have any of you guys, who lost money on this, tried to contact a lawyer in Dubai? There might still be a chance to get at least some of the money back, if this company has indeed existed???
I have not, but i would definitely be willing to join to share costs for lawyer provided anybody found any …
I think we should form a group to chase these swindlers. I will start looking for a lawyer in Dubai but there will be some costs to be borne. Any takers?
I have contacted a lawyer in Dubai and had a long conversation where he explained the process. It’s quite complicated and it not free of charge. Here is the sum of it in his own words:
We will proceed in the following stages,
-
During the first stage we will need to formulate our precise legal opinion on this matter coupled with our legal due diligence to know the existence of this company from the official records of UAE authorities. We will need a power of attorney from you, duly notarized from UAE embassy of your country. We will send you the bilingual draft for your action. This process may take 3 to 4 working days. Our total professional fee for this assignment including official costs will be AED 8000 [US$ 2179]. In your specific case this is the best legal solution to have proper due diligence before you pay the court fee and the other fees of the lawyers. -
If in the above stage the results are in our favour then we may proceed to send notice of amicable settlement or can directly involve into the conversation with Prime capital to recover your money before we file the case in courts of UAE.
I have also contacted Dubai Chamber and asked if Prime FX is/was ever registered with them. Here is there response:
The mentioned company is not a Dubai Chamber member, for further information you need to request a full business report on it. Cost depends on the locations. For reports on companies located in UAE cost is AED 610.
I don’t quite understand though what report they can make, when the company is not registered with them. In any case if someone is willing to share AED 610 (USD ~170) we can try getting the report from the Chamber as the first step.
I have created a Google+ community. Anyone willing to chase prime fx are welcome to join. Search for “Prime FX Swindle” on Google+.
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When I contacted the FCA [UK Financial Conduct Authority] they warned me to beware of secondary scams designed to take money on the pretext of recovering money from the original scam. The latest posts look like they might be this kind of thing. I have no personal wish to send good money after bad & so will not be taking part!! Who knows this might even be Prime reincarnated!!!
John
I do not think that Dubai Chamber of Commerce can be of any help. It is just a waste of money. The registration there is arbitrary and they simply charge the money. Normally only the trade companies, which specialize in import/export activities pay their yearly membership to facilitate certificates of origin. I am sure there was no need for those swindlers to entail extra expense for ripping all of us off. Therefore, it is an unnecessary cost. I believe we should pool our efforts in pursuing these guys through engaging with the local lawyers as suggested in your previous thread. I am willing to participate and share the costs. Anyway it seems to be the only way to get our hands on the ones, who have orchestrated this non-elaborate sting. I know how their jurisdiction works in the U.A.E. and we probably stand no chance but it is worth trying. Let me know how we can group ourselves together.
I kind of expected this kind of response. If anyone has a better idea how we can group to pursue Prime FX through the lawyers or otherwise please share.
Has anyone been contacted by China International Capital Holdings regarding Prime FX?
No, sounds curious. Is it another scam?
I strongly suspect it is a follow-up scam. I am trying to verify the credentials they provided. Just be ware if you get contacted by them.
Thanks for the precaution. Certainly it must be their follow up in disguise. Pls, keep posted on further developments.
These guys called me and asked me for my bank details. They told me that they bought over the debt of Primefx and want to settle. They sent me a copy of a court order from Dubai appointing Worrells as the debt collector along with a Debtors Petition (Bankruptcy) Appointment Package from Worrells an Australian based company. I called them to verify . They told me that these guys are just using their name to continue their con.
I am trying to pursue this matter through the Dubai crime division.
The ba…ds owe me Euro 5500.
Any updates? I get really mad reading this kind of stuff. It makes me more cynical by the day.