Ponzi Scheme TadawulME / Exential Group:

[Exential Mideast/ Tadawul]

wrong name removed: Exential or Tadawulme :
- Not registered with Dubai FSA (Financial Security Authority)
- Not registered with UAE Central Bank

Reply from Exential Mideast/ Tadawul ME: We are into strategic alliance with Sands brokerage house (S&S) which is one of the regulated entities by UAE Central Bank which is the highest regulator of financial institutions in the UAE.
All accounts are opened in individuals name directly through S&S which means we get audited by the Central Bank authorities. Our primary broker is FCI Markets INC, which is incorporated in the BVI and regulated by the FSC.
The auditors of FCI Markets are Deloitte and Touche. Once again we are regulated by one of the top 5 auditors in the world.

 

[Exential Mideast/ Tadawul]

wrong name removed: Ownership....who owns this company?

Reply from Exential Mideast/ Tadawul ME: Exential Mideast and Tadawul ME are private Ltd companies, such information is not for public disclosure but to our clients only.

 

[Exential Mideast/ Tadawul]

wrong name removed: 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.

Reply from Exential Mideast/ Tadawul ME: Touching on the point where you pronounce us to be a scam, kindly note that each of our clients’ accounts are opened in a segregated account with the broker. Can be confirmed directly with the respective brokers: FCI Markets INC or VIBHS- Both brokers are based in Dubai.

 

[Exential Mideast/ Tadawul]

wrong name removed: 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 A few colleauges have said they have actually withdrawn their money with no troubles, but these are people who have been doing this for several years and may be at the top end of the 'pyramid'.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

Reply from Exential Mideast/ Tadawul ME: This point answered above.

- 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.

Reply from Exential Mideast/ Tadawul ME: Just to confirm that when the user logs in to our client portal, trade information is mentioned in detail with the date, open time, close time, take profit, Stop Loss and profit. May be you should check that again.

 

[Exential Mideast/ Tadawul]

wrong name removed: 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.

Reply from Exential Mideast/ Tadawul ME: wrong name removed IF YOU STILL FIND THE ABOVE EXPLANATION UNSATISFACTORY, LOOKING FOR A FACE TO FACE MEETING AT OUR OFFICE PREMISES:
ARENCO TOWER
Dubai Media City
Office # 707
Tel # 04 2766055

 

[Exential Mideast/ Tadawul]

wrong name removed: Evidence is stacking up...Received this email today: (My highlighting)
"Thank you for your e-mail.
The Dubai Financial Services Authority (DFSA) is the financial services regulator of the Dubai International Financial Centre (DIFC).

Reply from Exential Mideast/ Tadawul ME: We Agree

I can inform you that Exential Investments Inc is not licensed to provide financial services in or from the DIFC. Therefore, this firm is not licensed or regulated by the DFSA.

Reply from Exential Mideast/ Tadawul ME: We too can CONFIRM that Exential Investments INC is not licensed to provide financial services and is not licensed or regulated by the DIFC or DFSA.
We are Exential Mideast Commercial Brokers LLC, registered with the Dubai Economic Department under trade licence # 671909. We are AUTHORIZED by S&S Brokerage House, FCI Markets INC and VIBHS Financials to solicit business.

 

[Exential Mideast/ Tadawul]

wrong name removed: If you have any concerns about the integrity of this firm then you should alert the ESC forthwith and not have any further dealings with it.

Reply from Exential Mideast/ Tadawul ME: We Agree

wrong name removed:I hope this information has been of use to you.

 

[Exential Mideast/ Tadawul]

wrong name removed: 1- Commercial License 671909 issued in Dubai & dated back to 07/06/2012 under the name Exential Mideast Commercial Brokers LLC.
2-Letter of S&S Brokerage House links both FCI Market & Exential Group
3- Letter of the UAE Central Bank declares & authorize S&S Brokerage House to conduct intermediation in dealing in currencies as well as inermediating in money market transactions.
...DED lists 671909 as: 671909 "Financial intermediation Activities auxiliary to financial intermediation / Loans & Overdues Rescheduling Services"
Sounds like a loan collector to me. Is this their DED License number or the category that they originally set up under.

Reply from Exential Mideast/ Tadawul ME: Exential Mideast holds a commercial Brokerage License(671909), as stated by wrong name removed from his findings, "Financial intermediation Activities auxiliary to financial intermediation OR Loans & Overdues Rescheduling Services"
wrong name removed, just incase you have not got the meaning right of Financial intermediation, according to a website Investopedia - Educating the world about finance,
Definition of 'Financial Intermediary'
"An entity that acts as the middleman between two parties in a financial transaction"
That’s exactly what Exential Mideast Commercial Brokers do, we are middleman between the client and the Broker and we get paid for our services

 

[Exential Mideast/ Tadawul]

wrong name removed: And if I understand you correctly, Exential is using S&S Brokerage (a different company) to do their trading?

Reply from Exential Mideast/ Tadawul ME: You have finally understood it correctly, let us summarize it, Exential Mideast Commercial Brokers is not licensed nor regulated to carry out financial or trading activities, therefore it uses S&S Brokerage House and FCI Markets INC as they are Licensed and regulated by Central Bank of UAE.

 

[Exential Mideast/ Tadawul]

wrong name removed: 1- Commercial License 671909 issued in Dubai & dated back to 07/06/2012 under the name Exential Mideast Commercial Brokers LLC.
2-Letter of S&S Brokerage House links both FCI Market & Exential Group
3- Letter of the UAE Central Bank declares & authorize S&S Brokerage House to conduct intermediation in dealing in currencies as well as inermediating in money market transactions.
...DED lists 671909 as: 671909 "Financial intermediation Activities auxiliary to financial intermediation / Loans & Overdues Rescheduling Services"
Sounds like a loan collector to me. Is this their DED License number or the category that they originally set up under.

Reply from Exential Mideast/ Tadawul ME below post