Ponzi Scheme TadawulME / Exential Group:

[Shu-op01]

i will not give foreign examples because you are just too lazy to google it. lets go local. mma forex. its a proven scam in uae.read the link from gulfnews.

http://m.gulfnews.com/investors-in-limbo-after-firm-in-dubai-stops-profit-payouts-1.1223520

trends:
-is it registered in difc - no
-monthly profit - 7-11%
-management - only one person is known (malik awan - ceo). the rest are unknown.
-do they have traders? - they said yes but if you go to their office, you will only see RMs.
-the reason they used when they delayed on their payment? - vague banking issues. they promised investors that they are sorting out a deal with a large german bank to solve the issue.
- mma started in 2006 and started having problems in 2012.
-ceo is flaunting his ferrari (check lemos fb page)
-ceo sponsored pakistan cricket team (EG has fc goa)
-they changed the withdrawal requirement (forms,etc) the moment they started delaying the payout. they made it more difficult for investors to withdraw.

sad to say, people did not recover their investments (or at least for majority). some people are still pursuing a case and asking liquidators for the clawback procedure. i was one of the victims of mma. was it futile to file a case against them? maybe yes. but at least they were exposed soon and it ended the agony of waiting. and thats my only stake here. the sooner that EG is proven as a scam, the lesser the victims. on the other hand, the sooner that EG is proven as legit, the sooner i can dump all my money to them, resign, and spend the rest of my life going around the world

how about you? whats your stake here? you seem to believe so much about EG, and yet you are not an investor. is 7-11% monthly profit not enough for you?

Me? I just don't want to add more negativity here. Yes! I'm not an investor by my brother has an account with them and not only one account. Sorting out things that involve lawyers are not on the plate for him. So, the best thing is to wait and see how things will go. There's no news that EG is scam. No proof yet. I have seen people went to court but until now, I don't hear any news that they got paid. But I heard people now are receiving their funds from their withdrawals. So, instead of saying a lot of negative things about EG, wait and give more patience for them to get back on track.

 

[Wardy21]

Hello Iman,

Could you please forward me the steps to open a Civil case. I closed my account yesterday after not receiving "profits" since November 2015, this came with a letter stating that it would take 9 months for the money to be released.
chris_ward21@hotmail.co.uk

 

[pIP5_LeVErAge]

Who's on Positive Side?
Who's on Negative Side?
Chilax Pips!

 

[riderX]

Me? I just don't want to add more negativity here. Yes! I'm not an investor by my brother has an account with them and not only one account. Sorting out things that involve lawyers are not on the plate for him. So, the best thing is to wait and see how things will go. There's no news that EG is scam. No proof yet. I have seen people went to court but until now, I don't hear any news that they got paid. But I heard people now are receiving their funds from their withdrawals. So, instead of saying a lot of negative things about EG, wait and give more patience for them to get back on track.

Its not about adding negativity. Its EG's fault for failing to fulfill their agreement to return the capital within 20 days. I guess for most anti-EG (if thats how you want to call it), Its mostly to prevent EG from doing more damage to the public in case they are indeed a scam. For current investors, waiting is indeed an option. But the agony of waiting is the same as the agony of going to court. But now at least a few courageous investors have opted to go to court. As the saying goes, "the only thing necessary for the triumph evil is for good men to do nothing".

From the looks of it, you seem to have doubts as well. because if you firmly believe in EG, at least 100% return of capital in 1 year by doing nothing (plus a guaranteed return of capital within 20 days from withdrawal) is just too good to be true. Youll be crazy not to put your money into it. Even if you dont have the money, you can get a loan from a bank

 

[Shu-op01]

Its not about adding negativity. Its EG's fault for failing to fulfill their agreement to return the capital within 20 days. I guess for most anti-EG (if thats how you want to call it), Its mostly to prevent EG from doing more damage to the public in case they are indeed a scam. For current investors, waiting is indeed an option. But the agony of waiting is the same as the agony of going to court. But now at least a few courageous investors have opted to go to court. As the saying goes, "the only thing necessary for the triumph evil is for good men to do nothing".

From the looks of it, you seem to have doubts as well. because if you firmly believe in EG, at least 100% return of capital in 1 year by doing nothing (plus a guaranteed return of capital within 20 days from withdrawal) is just too good to be true. Youll be crazy not to put your money into it. Even if you dont have the money, you can get a loan from a bank

This point of time, everyone is really desperate to have their money back. I don't have problems with people going to sort in a legal way, in that case.... I really want to know what happen afterwards. Anyone whonhas filed a case and what's the reault out of it?

 

[Shu-op01]

One interesting comment from another forum, read and judge:
Utmarkets are actually not the first to try and scam us , sterling did it before and i myself was a victim , thats what pushed me to learn and educate myself after i lost my savings in what they call a LEGAL scam that breath and live on the less knowledgeable investors about trading in general and forex in specific , after doing my homework about it and consulting multiple traders and pro investors , i cant but to form a strong opinion on how they keep feeding you profits until the bottom of the pyramid dry out knowing that they are combining between trading live and pyramid ponzi , the real money they make is from the spread and the commission they charge on every trade which most investors dont know about . once they are not able to perform to their promises and a dry out from the bottom start occurring they will trade against the market and make u suffer a loss that gets you stuck psychologically with them until they make out what they lost from your investment , meanwhile they continue volume trading to keep profiting on the spread and the commission within every small or big trade , your account will slowly shrink until u choose to limit ur losses and leave or watch your account hit rock bottom , they will also ask you to top up ur account to help them bring it back ! their plan was never about profits , its all about getting the maximum time holding your accounts in order to do more and more trading and feeding on spreads mainly , i came a long way in learning all of this as i have seen it happening to me , once they are in danger of losing their accounts they will mass trade the account to make maximum spreads overnight and thats called setting it on fire in their language , i learned the hard way but i have learnt my lesson well . if you have a deeper look u will find loads of companies doing that around the world and no one can stop them becoz they count on genuine investors who lacks knowledge about forex or the stock market and who believe them , as this is a general view about these so called legal scams its worth noting as well that the most alarming sign is when the broker and the money manager are ONE and not regulated ! they can manipulate the system and show u whatever they want .
having said that here , im an exential client for few years,if exential wasnt regulated in the uae whether they are legit or not i wont invest with them! But they are regulated at least , i trust them coz on their downfall in 2014 dec they have used their own money to leverage and revive the accounts and have managed to come out from their losses and i only believe myfxbook in that matter , and ever since they protect our investment with extra leverage . i dont get paid by them anything extra and i dont get any special treatment but truth is be said, they changed my life being legit making me money from my money and not from someones else savings.

 

[riderX]

here we go again. "EG is regulated".
by who? they are registered in media city freezone. they should have at least registered themselves in DIFC.

 

[lady23]

I have decided to wait for my six month.One because I could not afford a lawyer and second I have a day Job where I get Friday and Saturday off,I ca
The other reason was even the lawyers were not giving clear direction of the case,well am almost done my 6 months,should be getting my capital by the first week of July.That is if they have money to pay.


I agree with you.Some just lying here...well could he superhman82 tell us what is happening in the EG camp.Apparently they told clients that everything was back to normal and would be getting their withdrawal after 15 working day,well they could not fulfil the promise and are now asking to be given up to July,And some like superhman82 have been played like a fiddle.

Dredd, when did you withdraw your capital? have you signed anything from them? Because for us, we have withdraw our capital by January and didn't sign anything as we wanted to finish the 6 months. our RM told us that the six months notice will start from March 15. and now we are not able to get any positive feedback with our stupid RM. and now his phone is always switch off. We are also hoping that they will pay us after completing the 6 months notice without signing anything..

 

[lady23]

That is so sad. But I saw a post from Lady23, silent spectator and Superhuman82 that their friends got a profit already. Please give a proof on this.

guys I couldnt give proof I was only told by my friend. but I will confirm with her again that their Nov and Dec profit has been deposited.

 

[SilentSpectator]

in 2014 dec they have used their own money to leverage and revive the accounts and have managed to come out from their losses and i only believe myfxbook in that matter

Ughhh... this statement makes me cringe. If I'm not mistaken that was the moment when Exential injected an additional amount of 20K USD on the "showroom" account. And if it was true that they had 18,000 mirrored accounts during that time, can you imagine how much money we're talking about here? 360,000,000 million dollars. Yes that's right, for a company with a monthly bank transfer restriction of 25 million, that sounds impossible, unless any of below claims are not true:

1) They have thousands of mirror accounts reflecting the "showroom" account
2) They have a monthly banking restriction