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Century Financial CEO Mr Bal Krishen in his office in Emaar Square, Dubai. Image Credit: Photo: Antonin Kélian Kallouche

Dubai: A leading UAE-based investment and trading solution provider has reported a newly-launched website to Dubai Police for maligning the company’s image by spreading false information.

Century Financial Consultancy said they filed a complaint with the E-crime department of Dubai Police last Wednesday shortly after it was brought to their attention.

Bal Krishen, chairman of Century Financial, described the website as a malicious and desperate attempt to undermine their credibility.

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Century Financial's offices Image Credit: Supplied

“We have built a reputation over years of hard work,” Krishen told Gulf News. “It’s clear that someone with vested interest is trying to tarnish our image by spreading falsehoods using doctored content.

“We are one of the leading financial services provider in the UAE, specialising in investment consultancy, research and analysis and financial promotion services. We are regulated by the Securities and Commodities Authority (SCA) in the UAE and provide services in financial instruments on trading platforms which are also duly regulated by various bodies so the allegations made against us are not only far from truth but also ludicrous,” said the Indian businessman who has been living in the UAE since 1993.

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Mohammad Al Hashmi, chairman Mohammed Al Hashmi Advocates and Legal Consultants Image Credit: Supplied

Mohammad Al Hashmi, chairman Mohammed Al Hashmi Advocates and Legal Consultants - the law firm representing Century Financial said they have lodged a report against the cyber crime with Dubai Police and also referred the matter to Dubai Economic Department.

“Any form of cyber attack related to spreading false information, hacking or seeking ransom is a punishable offence under various articles of the Federal Decree Law no (5) of 2012 on combating cybercrimes. Penalties include fine and jail term,” said Al Hashmi, adding that anyone found sharing the content of the website could face legal action.

“The Federal Decree Law no (5) of 2012 on combating Cybercrimes deals very strictly on any form cyber-attack and even forwarding through whatsapp or other social media would be considered illegal,” he added.

Set up less than two months ago, the website accuses Century Financial of running a Ponzi scheme. It also contains audios of purported phone conversations between Century Financial staff and clients.

Information about the domain’s owner remain hidden. A mail sent to the website by Gulf News elicited no response.