Ponzi Scheme TadawulME / Exential Group:

[totalpips]

So will you put your money on their Company if they do have that 'AFS license'?

I would if they were to abide by what the AFS entails - as mentioned transparency, names of directors, experience and qualifications, verifiable backstories etc. If they could at a minimum meet the below:

• conduct and disclosure
• the provision of your financial services
• the competence, knowledge and skills of your responsible managers, as well as their good fame and character
• the training and competence of your representatives and authorised representatives
• ensuring your representatives (including authorised representatives) comply with the financial services laws
• compliance, managing conflicts of interest and risk management
• the adequacy of your financial, technological and human resources, and
• your dispute resolution and compensation arrangements (if your clients include retail clients).

Then yes I would consider them. Exential fails on all of the above... Saying you have good conduct and actually conducting yourself in a way that is acceptable are two different things...

 

[Forca Goa]

1. Did you actually read all the blogs here? if yes, then answer all of pharaohs questions/challenges.
2. Nobody has lose his/her money yet because if that happens (which is only a matter of time), meaning this scheme has already collapsed. We are concerned about those who just put in their money now because they will lose everything.
3. Investments indeed has risks but you cannot call this as an investment. Its a scam.
4. Please enlighten us also why it is not a scam.
5. Their (the likes of pharaoh, etc.) time is not "waisted". Its the least they can do educate people and make them think twice.
6. Read MMA forex and how it devastated peoples lives. Or just read any of the stories of ponzi victims. If you have recovered your principal, the risk that you are taking is called karma, especially now that you have all the logic to believe that its a scam. Risk that karma will get back on you or your children.

Hey RiderX

You seem to be convinced that Exential is a scam......you think by putting comments on this blog and people reading it will make them aware/wise........Yet the same people who are reading some are investors ..... I have a feeling some of you have a personal agenda against Exential..... Yet no one is investigating on how they make you money.....rather make assumtions .... Looks like many here are living in la la land..... This organisation is in Dubai.... With such strict laws and governing bodies in place .....you think a country like Dubai would have not realised since Exential has been in business plus 5 years ...... It's nice to make people aware but without evidence you are loosing the plot......for the record I do not represent Exential ....

 

[investorone]

I would if they were to abide by what the AFS entails - as mentioned transparency, names of directors, experience and qualifications, verifiable backstories etc. If they could at a minimum meet the below:

• conduct and disclosure
• the provision of your financial services
• the competence, knowledge and skills of your responsible managers, as well as their good fame and character
• the training and competence of your representatives and authorised representatives
• ensuring your representatives (including authorised representatives) comply with the financial services laws
• compliance, managing conflicts of interest and risk management
• the adequacy of your financial, technological and human resources, and
• your dispute resolution and compensation arrangements (if your clients include retail clients).

Then yes I would consider them. Exential fails on all of the above... Saying you have good conduct and actually conducting yourself in a way that is acceptable are two different things...

As what I've expected. Whatever license they get you will still not put your money to them,, correct?

It's just like when they flaunt the S&S brokerage firm on their comments on the news article. You know that they cannot just flaunt the name of the Royal family just like that if they are not legit right? But you still manage to comment negatively on them by giving your 'red light' traffic scenario.

Let me ask you this,, If the investors pull out their money from the Company what is the investment alternatives from them? Do you have one? Like on my case I'm trading stocks and have some funds on mutual funds but I still have some extra funds left and I don't want to put all of it on stocks hence the Company is the best choice for me to make my money works for me. If you can recommend some investment alternatives for me then I will think about the suggestions of all the trolls here.

By the way, the Company is conducting a seminar next week. You can ask your friends about it. This will be your chance to have all your queries answered. Don't miss it!.

 

[SilentSpectator]

Hey RiderX

You seem to be convinced that Exential is a scam......you think by putting comments on this blog and people reading it will make them aware/wise........Yet the same people who are reading some are investors ..... I have a feeling some of you have a personal agenda against Exential..... Yet no one is investigating on how they make you money.....rather make assumtions .... Looks like many here are living in la la land..... .

Hi, I am not RiderX, but I'm also responding because I have a personal agenda against Exential. I used to be involved with the scheme, and I loved the fact that I was getting paid money I didn't work for every month. But I pulled out because I was unhappy with the way they conducted business and answered further queries. You claim that no one is investigating on how they make money, believe me, some tried, but were simply brushed-off. What I would really want is to get an absolute truth, if Exential is a scam let it be known, if not, I'll put my money back in and get back my residual income. So far, there is no luck in obtaining the truth from the company, and that is why many go through this thread everyday in hopes of learning something new.

This organisation is in Dubai.... With such strict laws and governing bodies in place .....you think a country like Dubai would have not realised since Exential has been in business plus 5 years ...... It's nice to make people aware but without evidence you are loosing the plot......for the record I do not represent Exential ....

It is true that Dubai has strict laws and governing bodies in place, but if you live here, you will know that despite the strict laws, violation is very common here. Case-in-point, research MMA Forex and Sunfeast. What happened to these companies is proof that law enforcement only comes in when it is too late.

As for evidence, isn't it enough that the monthly payouts you receive do not match the myfxbook performance of the claimed mirrored funds? Isn't it enough that the contractual period of 21 working days is not being observed? As current "investors", you have rights to demand them to fulfill their part of the agreement; in this case, to pay on time. If they refuse to comply, there's a violation of the contract and legal action can be taken. I've read a few posts who are already at this stage. Sadly, most still don't care because their common sense and righteousness have been sold for 6000AED a month.

 

[riderX]

Hey RiderX

You seem to be convinced that Exential is a scam......you think by putting comments on this blog and people reading it will make them aware/wise........Yet the same people who are reading some are investors ..... I have a feeling some of you have a personal agenda against Exential..... Yet no one is investigating on how they make you money.....rather make assumtions .... Looks like many here are living in la la land..... This organisation is in Dubai.... With such strict laws and governing bodies in place .....you think a country like Dubai would have not realised since Exential has been in business plus 5 years ...... It's nice to make people aware but without evidence you are loosing the plot......for the record I do not represent Exential ....

Yes, you dont represent Exential, but you support FC Goa based on your name, whose primary sponsor is FC prime market which is also under the control of Sydney Lemos.

Heard of MMA forex? It was also registered in Dubai (not even in a freezone). But its proven as a scam. If Exential is indeed legit, it would have helped if they have registered in DFSA, not in an Media freezone - a question that "investors' should ask in the first place. Go to DMCC (JLT). Its suppose to be for companies trading in metal and minerals only, yet you see various fmcg companies registered with them. You can renew your company's trade license in Dubai even without audited FS (not in DFSA though). My point is, don't claim that Dubai is fraud proof. Its constantly improving but its not as strict as you think it is. I am in a profession involved in regulation and I know for a fact that authorities will not do anything about this unless a formal complaint is made. And a formal complaint will only happen once this company has collapsed. DFSA would be more proactive but its beyond their jurisdiction.

You asked whats my agenda? Its because I lost bucks with MMA forex. And Exential is operating almost exactly the same. I understand the reactions of "investors" because during that time, I also firmly believed that MMA is legit because its giving me constant returns. But I know that you know that something is questionable. You just choose to ignore it. Read this thread again (even if you said that you already did), and answer the questions which Pharaoh asked. Or just a simple common sense question like this - why is it that Exential is not are advertising their "investment product" everywhere in UAE in order to help more people?!? My assumption is that you probably get to know exential only thru word of mouth.

But the irony is (and only because I know a few who put their lifetime savings here), i still hope that somehow, Exential will show everyone their trading patterns/strategy that make sense and will back up their constant monthly profit rates, obtain proper registration with proper authorities, explain why it takes so much time to withdraw the capital and the profits (20 working days is just not reasonable), show their management team in their website (as what normal legit companies will do), open their 7th floor door to investors to show the actual trading room, etc. If they will do this, wallah habibi, I will put all my investments to them.

 

[totalpips]

As what I've expected. Whatever license they get you will still not put your money to them,, correct?

It's just like when they flaunt the S&S brokerage firm on their comments on the news article. You know that they cannot just flaunt the name of the Royal family just like that if they are not legit right? But you still manage to comment negatively on them by giving your 'red light' traffic scenario.

If you read back through some of my posts from a long time ago - I was an investor, I pulled my money after my questions weren't answered. So yes I am fairly intimate with the way they operate. I don't have a personal beef with Exential per say, what I have said in the past is my experience highlighting my areas of concern. Recently I have also been doing some research (which I freely admit I should have done prior to being involved with them), that has uncovered even more questions. I, like others here, will not push one investment vehicle over another. People have to decide for themselves what their own risk tolerance is. This forum is for educating people on experiences with the various forex subjects in the threads here. That's the whole point isn't it?

I see, as you mentioned, that you have a diversified portfolio - probably one of the smartest things people can do..

 

[ray2425]

Hello all, hoping to gain information on Tadawulme or Exential Group after a bunch of people at my workplace have confided that they have opened multiple accounts of $20,000USD each and are seeing 10% returns per month. I immediately default to this being a scam and began digging to try to save these people:

Things I have discovered so far:

Tadawulme: (tadawulme.com)
- Website no longer exists and indeed immediately redirects to exentialgroup.com
- Therefore, at the least, these two companies are the same.

Exential Group (exentialgroup.com)
- website cache of tadawulme is identical to exential group = same company = same design
- website design itself is an almost exact clone of a theme offered by website: Effektive Multi-Purpose WordPress Theme | Bootstrap WordPress Site
- Ozythemes is of course, a website design company...so they could have legitimately bought this theme and be using it. Not damning in itself but seems kind of lazy for a financial company. Company "established" in 2011 - why no social media presence?... leads me to:
- Exentialgroup site: Links that don't work: Twitter / Facebook / Linked in, lead to place-holder pages on their own website.
- Twitter search: Nothing for: exential / exentialgroup / tadawulme
- Facebook search: Returns only placeholder page, no information, 8 people likes.
- Linkedin search people:
- Christybell De Araujo e Nazareth (From Goa)
- Wesley Dias (From Goa) Facebook
- Valmond Menezes (From Goa) Facebook
- Jonathan Coelho (From Goa) Facebook
- Mohammed Behairy (Egypt)
- Raymond Thomas (Karachi Pakistan) Facebook - This is a misrepresentation of the actual person.

- Mainly from Goa in India. Look to be young, in their 20s, with little or not financial trading background or education.
- Some state they used to work at Tadawulme

--
Website:
- " British Virgin Islands (BVI) and Seychelles with a Rep office in Dubai, UAE" - Can't find any regulatory body in BVI or Seychelles that mention them
- "The results audited by a third party. Each month our results are confirmed by a third party auditor before they are published." - Audited by who?
- Testimonials: Not provided due to protect "client confidentially" - why not use anonymous or fake names?
- Exential or Tadawulme :
- Not registered with Dubai FSA (Financial Security Authority)
- Not registered with UAE Central Bank
- Ownership....who owns this company?

Deep web search:
- Didn't turn up much, no huge rants from scammed customers, but no positive mentions either
- If it is a scam I suspect it is still in a healthy 'building' stage - gaining more customers and sustaining itself.

Circumstantial:
- Accounts cost $20,000USD to open
- Returns are ~ 10% per month -
- Notes: By returns, I mean the amount of money shown on their statements. A few colleauges have said they have actually withdrawn their money with no troubles, but these are people who have been doing this for several years and may be at the top end of the 'pyramid'.
- Some people have been with them for >2yrs and have more than 5 accounts open ($100,000USD)
- Office in Dubai has approx 10-15 people working there
- Logging into a user account shows an extremely simply 'balance" sheet that shows daily profits made in simple table format, not link to detailed trade information.

---

I appreciate that not any piece of information about this company is completely damning and certain evidence of a bona-fide scam, but my gut tells me that this is a classic case of "too good to be true". Still looking for the smoking gun.

I am continuing to dig as I don't want to see my co-workers scammed, they are good people.

Any help or further information anyone has good or bad would be appreciated.

Hi, this is Raymond Thomas who you have mentioned in the your post. Firstly I would appreciate it if you would take my name of your post as I am no longer a part of that organisation and havent been a part of it since 2013. Left Exential for all the obvious reasons mentioned and I am gald I am no longer a part that firm. Also, please note that I am not a pakistani national and would appreciate if you could first find out details of the people you report before posting information on the internet. this is a serious breach of my idenity and would appreciate it if you could rectify it ASAP. thank you.

 

[investorone]

. This forum is for educating people on experiences with the various forex subjects in the threads here. That's the whole point isn't it?

I see, as you mentioned, that you have a diversified portfolio - probably one of the smartest things people can do..

Well actually I don’t know what is the purpose of this thread.. If this thread is questioning the legitimacy of the Company then I believe it’s been proven already that they are legal and legitimate. They have all the paperworks. In respect on how do they make money,, why do I need to bother on that. The reason why I hired them to manage my money is because I don’t want to be bothered on how they will grow my money. If I will be bothered about it then what’s the point of hiring a fund manager right?


It’s the same case with my investment in mutual funds. I don’t question the fund managers on how do they make money despite the stock index is falling. There is no point as they know what are they doing. That’s their business.

 

[totalpips]

Well actually I don’t know what is the purpose of this thread.. If this thread is questioning the legitimacy of the Company then I believe it’s been proven already that they are legal and legitimate. They have all the paperworks. In respect on how do they make money,, why do I need to bother on that. The reason why I hired them to manage my money is because I don’t want to be bothered on how they will grow my money. If I will be bothered about it then what’s the point of hiring a fund manager right?


It’s the same case with my investment in mutual funds. I don’t question the fund managers on how do they make money despite the stock index is falling. There is no point as they know what are they doing. That’s their business.

Ok I take it back. Your not as smart as I gave you credit for. Why not get into drug smuggling then. I mean the rate of returns are astronomical. And you don't seem too concerned how money is made

 

[Pharaoh]

Ray2425, as a former employee, can you please tell everyone whether or not you think Exential makes these phenomenal gains by insanely profitable investing or do they do it by using the power of Ponzi?

Investorone, properly licensed mutual fund managers should be willing to explain how they can make money by shorting. They also don't make unsustainable profits month after month without fail or have terms that put big delays into withdrawals.

The Exential party is about to crash. It might take another month, it might take over 6 months. The thing is that enough people have finally realized that the ONLY way they could pay those returns is via a Ponzi scheme. As the pool of new money coming in shrinks, those funds available for monthly payouts gets smaller and smaller, as does the amount of money that can be stolen to pay for the lavish lifestyle of the people running the scheme.


I'd like to add one entry into the betting pool.

I bet that the number of people who have aggressively endorsed Exential in this thread who return after it's gone to talk about it will be exactly Zero - just like in the other Ponzi threads at the FPA I've cited. I hope I'm proven wrong. I'd love to see Donatello and the others come back and admit what they've been denying all this time.