Sorry I had not quite finished my response yet and then I clicked the wrong button, and the posting was made.
Ihab, let me tell you what is supposed to happen.
Victims file complaints with the police.
The police investigate and gather evidence.
The prosecutor or crown counsel reviews the evidence to determine if the case is strong enough to lay charges.
Assuming there is sufficient evidence then arrest warrants are issued and the defendants are picked up/arrested by the police and held until such time as they can appear before a judge or officer of the peace..
In our society defendants are considered innocent until proven guilty, so a judge must consider granting bail to a defendant unless they are a flight risk (I guess SL or Sydney Lemos or his real name is actually Sydney Marshal Agnelo Lemos must have been considered a flight risk as he was denied bail while awaiting these fraud and theft charges.
Now at some point the courts are supposed to appoint a receiver.(which is usually a law firm or an accounting firm)
A receiver has the lawful authority of the courts to act in the best interest of the creditors, and is therefore now the only person or entity that may claim any assets that are located.
Of course the receiver now needs to hear from all the victims to determine how much was lost.
Have you heard from any receiver yet?
The receiver will want to see paperwork and contracts, and wire transfers, and even any redemption amounts received, to determine who invested what amount and if any investors may have actually recovered any of their investment.
It will be the receivers job to also pay attention to any debts or obligations that Exential and/or TadawulME may have had as well.
The receivers job will take many months as they need to review all the documentation and check all the bank records of the investors as well as Exential's / TadawulME's bank accounts and bank transfers.
If the receiver finds any investors made back more money than what they invested then the receiver will want to receive those excess funds too, and will possibly sue to get them
When the receiver has found all the funds they are capable of finding they then pay themselves first the fees they charge for their services and any other monies they still have remaining are supposed to go back to the investors who lost money.
OK, so here are just some of the problems with this system.
Not all receivers have the experience to trace money around the world as it is transferred from country to country and different jurisdiction to jurisdiction.
In many cases the currency is changed from $USD to $EU and sometimes into precious metals, and many different account names are used.
Often different law firms receive these funds and then transfer them on to other places but because law firms bank accounts (or trust accounts) are protected for privacy, it is sometimes very difficult to track where all the money and wealth went.
In many cases receivers are not experienced in doing this, and so they are unable to find the money that was transferred out of Dubai.
NOW, there is a whole International Asset Recovery Industry that exists in the world, and all these people do is specialize in asset tracing and asset recoveries, because fraud is such a big business internationally all over the world.
Sometimes victims find these Asset Recovery firms themselves and pay them even more fees to go out and see if they can recovery anything, but other times these Asset Recovery firms just happen to find bank accounts that have $millions in them (usually because some of their offshore banking friends find out about the secret account ) - and in this case the only way to secure or freeze or seize those funds is to first find some of the victims who can provide the paperwork that can be used in that local court system in order to get the courts to grant a freeze order. It was exactly for that reason that I first posted on this board, because people I know have located assets and they need to find victims who can step forward and provide proof that this may be their money.
