Ponzi Scheme TadawulME / Exential Group:

[R1991]

Hello All,

Does any one have any update on the first case which was one by one of the clients against exential?

 

[nikel7]

Hi. I won a case against Exential Group and there was a 30 day of timeframe given to EG to appeal against the court decision which has expired on the 12 of November. So now I am waiting news from the lawyers and the court of what will happen next.

 

[R1991]

Hi. I won a case against Exential Group and there was a 30 day of timeframe given to EG to appeal against the court decision which has expired on the 12 of November. So now I am waiting news from the lawyers and the court of what will happen next.

Thank you for your reply. Kindly keep us updated on what your Lawyers tell you next as we need all the information and legal advice possible to get our investments back.

 

[R1991]

Is any one able to provide us with more information about SL or his employees?

 

[Givebacktime]

Thank you Pharaoh for your expert inputs.
To throw a bit more light on this, till a few days ago I thought that the company named FENIX Commercial Brokers was some law firm who got my details of being an EG client and contacted me. Into further looking up for the people behind this I found Raymond his Ex wife Sarita and a UAE national as the partners.

Raymond used to work with EG till 2013. In 2014 along with 2 other guys Michael E and M Rizvan from EG they opened a company called 360 Degree Consultants doing the same business as EG, which had the famous tie up with Sterling financial in Dubai, where a lot of Emirates Crew lost their money. At 360 Degree, Raymond used to handle the entire back office along with Michael's brother and the face of the company to get in the sales moving and targeting EG clients was done by Michael and Rizvan. The trading was so mismanaged that the company closed in 12 months.

For more than a year these guys did not show up, until late 2015 where they again started a new company called FENIX Commercial Brokers. Doing the same business once again. But this time the strategy to operate changed, Raymond and his EX wife Sarita were the face of the company while Michael started handling the trading. Being a sales professional and inexperienced in trading he surely lost a lot of clients money and was asked to leave by his Partner Mr. Raymond and his Ex Wife Sarita.

Since there was no trader, Raymond decided to take up the trading job but unfortunately being a photographer by profession, did exactly the same mistakes what Michael E did and again lost a lot of money. When I made a call last week to the FENIX office situated in Vision Tower Business bay, I got a reply saying that Raymond is in the USA for more than a month now.

Since the trading was not going great for Raymond he decided to build up and cash on EG in a different channel. This is where it starts and what is important and informative to the general public, to lure business from EG, Raymond and his team that included Raymond's brother started calling EG clients to promote their new LEGAL services. They called EG clients and offered them LEGAL help at the cost of paying 15k Aed UPFRONT, with an assurance to get your money back within 7 days (Record time which even the Dubai Courts will not be able to achieve). There was also a additional condition that 50% of your investment will be the commission of the Govt authorities. This was my concern, how and why will Govt charge commissions and that too 50% to help recover my hard earned money?
What is more interesting is that, the more friends you bring to them who need such LEGAL help, you are sure to get discount on your 15k Legal fee.
This information has been put together with the help of reliable sources.
So please be warned about any such calls that say they want to HELP you!!!

The above is indeed a lot of info which is true. EG even went up to the extent of bribing a handsome amount to these guys in order to keep away from their client base and ruining their business. In fact these guys know exactly how EG works and would in fact spill out a lot if contacted personally.

This was the same time Mr SL lost a lot of money in the Diamond market. He apparently was in the process of purchasing a bulk of Diamond stones but at the end lost all his money as this was not legal and apparently a commotion sparked between the two parties.This deal was made through one of SL appointed employees. Of course Mr SL could not lodge a complaint as this was an illegal business.

 

[OmarS1]

The above is indeed a lot of info which is true. EG even went up to the extent of bribing a handsome amount to these guys in order to keep away from their client base and ruining their business. In fact these guys know exactly how EG works and would in fact spill out a lot if contacted personally.

Nash10 was an EG stooge and I believe Asstmod has knocked him off the thread. While I have it is fresh piece of info on SL's diamond business, I beg to disagree that R T#omas or M Edm0nd$ knew s#it about SL's business operations. The RMs/Ex-RMs have no clue about his business. Talk to any of them, they know nothing more than assumptions and SL's "magic wand"

 

[bardez.monkey]

Nash10 was an EG stooge and I believe Asstmod has knocked him off the thread. While I have it is fresh piece of info on SL's diamond business, I beg to disagree that R T#omas or M Edm0nd$ knew s#it about SL's business operations. The RMs/Ex-RMs have no clue about his business. Talk to any of them, they know nothing more than assumptions and SL's "magic wand"

I agree to you Omar, they have zero no actually -ve knowledge of Forex, all they know is talk BS given to them by the so called manager @ndrew. the RM Wilbur only knows how to talk sarcastic! he literally told me that we are Greedy to invest in this so called SCAMvestment. the only thing he can do is Yack Yack Yack ....

Ryan F & Valmond are still promoting a new company opened by EG management.

 

[R1991]

Yesterday i was told by the DED that they have adivised exential that the only way to reopen their office is by paying back the investors that lodged a complaint.

Which leaves me to think that all the emails which have been sent out are bullshi@ to win time and give us false hopes.

I think at this point there are no netotiations happening between EG & Ded or dubai courts. The lady even said that they are trying to call Sydney but he is not answering. They even checked his local bank accounts and they are empty. All the money has been taken out of the country.

 

[oldtimefxer]

Yesterday i was told by the DED that they have adivised exential that the only way to reopen their office is by paying back the investors that lodged a complaint.

Which leaves me to think that all the emails which have been sent out are bullshi@ to win time and give us false hopes.

I think at this point there are no netotiations happening between EG & Ded or dubai courts. The lady even said that they are trying to call Sydney but he is not answering. They even checked his local bank accounts and they are empty. All the money has been taken out of the country.

Very good info!!!

KC

 

[Little stress 2016]

A friend of mine had the expert meeting (appointed by court) last week & financial expert wrote it in report that EG will have to pay Capital + profits + 9% interest as per court. He have also mentioned in report that EG isn't allowed to conduct any financial business and it's crime to conduct any activities out of the activity scope of license. Lets hope for the best.