A financial scam looking to swindle Dubai residents out of hundreds of thousands of dirhams is circulating and the authorities have issued a warning. 

The Dubai Financial Services Authority (DFSA) has received reports of scammers impersonating the authority, impersonating its chairman, commercial banks and government entities. 

The scam is said to trying trick consumers by informing them they are beneficiaries of several million dirhams through a fund, but have to pay AED200,000 in service charges in order to redeem the cash. 

Residents are warned to proceed with caution in financial transactions and to always verify sources. 

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More info can be found on the DFSA website.