Look Out Notice In Dubai Against Devina Mehra Of First Global

A court in Dubai had issued a Look Out Circular (LOC) against Devina Mehra, among the big names in Indian equity markets. Mehra is the founder and CMD of First Global, which over the years has handled several millions of dollars in client money and advised them on investing through its portfolio management schemes. Although First Global started in India, it diversified into investing in global markets and Mehra had also shifted her base to Dubai.

The LOC was issued against Mehra on February 2, just two days before she left the country on January 30 and fled India. The LOC as seen by Businessworld, was issued following a judgement of 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. In another case, the Supreme Court of UAE has asked Mehra to pay $7 million to the claimant under case number 121/2023. The Dubai LOC was issued by the Department of Wanted Persons - General Department of Criminal Investigations and Investigations.

The LOC shows Devina's nationality as Antigua, a north American country. She has given up Indian citizenship.

Devina Mehra's Response To BW

Mehra did not respond to a query on her email address:  devinamehra@gmail.com.

But when contacted on her phone via Whatsapp, she said: "We do not publically respond to anonymous WhatsApp forwards, as a matter of policy, as that only fuels absolute nonsense. In fact, as advised by my lawyers, I am in the process of filing a cyber crime complaint on the issue. 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."

Further she said, “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.”