Lyfelete Ltd has been flagged by Dubai Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which Lyfelete Ltd, falsely claims to be regulated by the DFSA and uses a fraudulent, cloned version of the DFSA’s Public Register to support its claims. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with Lyfelete Ltd but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Dubai Financial Services Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Flagged by Dubai Financial Services Authority|Cannot verify credentials
For anyone considering Lyfelete Ltd, please be aware that this company has been flagged by Dubai Financial Services Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Flagged by international regulators|Due diligence required
I invested $1,000 with Lyfelete Ltd after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Dubai Financial Services Authority.
Pros: Initially responsive customer service
Cons: Withdrawal fees demanded|Communication cut off|Not authorized