Dubai court issues lookout notice for First Global's Devina Mehra after $300 mn ruling

dubai court issues lookout notice for first global's devina mehra after $300 mn ruling

Devina Mehra is the founder and CMD of First Global. File photo

A Dubai court has issued a lookout notice against Devina Mehra, the founder and CMD of First Global, one of the prominent figures in the Indian stock markets, BusinessWorld reported on Thursday.

Over the years, Mehra has managed millions of dollars in client money and provided investment advice through its portfolio management schemes (PMS).

The BusinessWorld report said, “The LOC (Look Out Circular) was issued against Mehra on February 2, just two days before she left the country on January 30 and fled to India.”

The LOC was issued following a judgement of a Dubai Court ordering her to pay more than $300 million to the claimant, in case number 1637/2022. "The LOC, a no-fly notice was issued under execution case number 139/22024,” the report said.

“In another case, the Supreme Court of UAE has asked Mehra to pay $7 million to the claimant under case number 121/2023."

The Department of Wanted Persons - General Department of Criminal Investigations issued the LOC.

Although, First Global was founded in India, it diversified into investing in global markets.

Mehra had also shifted her base to Dubai.

According to the Look Out Circular, Devina Mehra’s nationality is Antigua, a North American country. She has given up her Indian citizenship.

In the report, BusinessWorld quoted Devina Mehra’s response: “…. I emphatically state that no laws in any jurisdiction have been broken by me at any time. Some personal assets are under litigation as part of the divorce process, which anyway have absolutely nothing to do with the business or First Global at all. The matter is sub judice.”

It further added: “In any case, while Dubai courts have been moved by the other party, the bankers and custodians to the assets have already informed and confirmed to the court that the assets are not in that jurisdiction at all and no details of the same can even be provided to the UAE court.”

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