Mr Rafiq Ahmed Petkar (2008-04-28)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25(2) of the Financial Services (Jersey) Law 1998, warning the public against dealing with Mr Rafiq Ahmed Petkar (also known as Mr Aqil Sultan Shah) and a Delaware-incorporated entity called Firebird Holdings LLC (FB Holdings).

• Allegation: The Commission believes Mr Petkar, through FB Holdings, has been carrying on or holding out that he carries on financial service business without authorisation.
• Unauthorised scheme: It appears an unauthorised investment scheme was operated and an attempt was made to divert related monies through a bank account held in Jersey.
• No connection to genuine Firebird group: The statement clarifies that the genuine Firebird Holdings LLC, registered in New York and part of the legitimate Firebird investment advisory group, is unrelated to Mr Petkar or the Delaware FB Holdings.
• No authorisation found: The Commission found no evidence that Mr Petkar or FB Holdings are authorised in any jurisdiction to conduct licensable financial service business.

The statement asks anyone who has had dealings with Mr Petkar or FB Holdings to contact the Commission, and reminds the public that all regulated businesses in Jersey are listed on the Commission's website.