Ponzi Scheme TadawulME / Exential Group:

[totalpips]

OK here is a quick one... pure speculation in this case... But apparently the administration is so poor with this company (I havent been a client in over two months, see above posts), but a group email was sent out by one of the 'sales reps'. That individual said they are going on Annual Leave. Email sent yesterday, annual leave starting yesterday. Annual leave out here isnt taken on a whim and the sales rep should have informed all clients well in advance. Coincidence??? Maybe, maybe not???

 

[Orancovi]

Tutankhamun, I can't speak on behalf of the UAE regulators, but I have closely watched how US regulators deal with these things.

Just a little anecdote on the UAE authorities. Well I was unfortunate enough to ivest in an apartment in Dubai in 2007. Initial payment was done to an excrow account so we were told that everything was great and it the developer had some issues our money woudl be safe in this account. Was it really like that? NO, a big NO. When the project was cancelled and the developer stopped answering my calls I went to rera and Dubai courts to chase my money. At the end I did not get the money nor the apartment. What did the UAE authorites did by then. Nothing much to be honest, so I dont really think that in terms of exential/tadawul Uae authorities will play an active role until the whole system collapses.
In addition, just a gentle reminder wen tadawul started years ago, system was you would start an account and if you introduce 3 people your commission would be higher etc. Then I guess it was too obvious of a ponzi scheme so since they manage to generate enough attraction and to stay low and pretend that its forex, they removed this introduction and higher profit approach.

 

[totalpips]

OK another quick update... One of the colleagues I mentioned in my earlier posts, requested withdrawal (of profits) on 1st October. Seeing it is now the 31 Oct and still no sign of the withdrawal amount, he is starting to worry (factor in weekends - 6 days, add 15 days as stated in contract for withdrawals and they are currently 10 days over where amount should have been paid out). So much so that he sent an email recently to Exential requesting withdrawal of all capital and profits, to which there has been silence.

 

[sweater]

Everybody is waiting exential to collapse and declare glorious victory for some. But for many, who have not recover their investment like me, it will be a total disaster. Gut feeling tells me, its over for exential and there's no way out now..accept the losses, as they say, you win some..you lose some. Exential will be in the headline this coming week..

We are all victim of our greed. For those who profited with exential, I cannot blame you, you risk you win! But for those shameless heads of exential..shop at FCUK....

it ends here..

 

[jay_dcg]

Well this is the first time i had a delay in receiving my profits. I contacted them and they said that last week they have just finished completing those accounts that had been delayed. They expect to give my profits by this week or next week. Although, my other friend had already received his profit last week after a week of delay.

 

[totalpips]

Everybody is waiting exential to collapse and declare glorious victory for some. But for many, who have not recover their investment like me, it will be a total disaster. Gut feeling tells me, its over for exential and there's no way out now..accept the losses, as they say, you win some..you lose some. Exential will be in the headline this coming week..

We are all victim of our greed. For those who profited with exential, I cannot blame you, you risk you win! But for those shameless heads of exential..shop at FCUK....

it ends here..

Sweater,

There is no glorious victory here. Its not a case of people in this forum saying 'I told you so'. For me I feel very lucky to be out of this potential - notice I say potential... This still hasn't collapsed or been refuted or confirmed in any way. The individuals here who made lengthy comments about Exential are only trying to help. To guide people away from making massive mistakes. That's the reason anyone is one here. To try to find out the truth. Hey if Exential can come and prove that their managed accounts aren't a scam and they actually do trade this successfully, I will be the first to get back into it. But as Pharaoh mentioned the silence is truly deafening.

 

[Jetset3000]

The delay has been explained thus far by the banking move to Australia during month of October. I was told those still waiting for September profit payout and who submitted withdrawal on 1st October will receive in the next two days. The requests got processed on the portal around 25th October. If there is any further delay beyond the middle of this week I would be concerned. I applied for my October profit payout today, being 1st November.

Re: silence from staff. Any questions or concerned I've raised have been responded to within the hour by my RM. I applied to close one of my accounts last week as I need the capital and the request was acknowledged the same day with a schedule for release of funds. So I will report back here when I receive the funds and how I found the process. If it was all over as suggested above I doubt all their staff etc. would still be in the UAE in the offices as they are like any other day.

 

[SilentSpectator]

Re: silence from staff. Any questions or concerned I've raised have been responded to within the hour by my RM. I applied to close one of my accounts last week as I need the capital and the request was acknowledged the same day with a schedule for release of funds. So I will report back here when I receive the funds and how I found the process. If it was all over as suggested above I doubt all their staff etc. would still be in the UAE in the offices as they are like any other day.

Not ringing any alarm bells but just want to share some information that companies can fly-by-night in the UAE.

There was a multinational construction company named Hastie International based in Abu Dhabi that collapsed in 2012 that was able secretly siphon their funds from the UAE to Australia (coincidence?) days before the company folded. The strange thing was, nobody from the local office saw the collapse coming, not even the local general manager. They just reported to work one day and found out that the company they were working for just ceased to exist. This happened even if Hastie was a legitimate company that was transparent in their dealings.

If Exential is indeed a scam, chances are that the local office is unaware, particularly the relationship managers. In the end, they could end up as victims as well.

 

[Jetset3000]

That's true. I just wished to share my experience in contradiction to what had been said by another poster... That all comms fell on deaf ears etc.

 

[sweater]

the thread was very informative. average IQ ( as they always say) will understand what the writer wants to convey..no matter how we contradicts each other statement we would not know until all information/accusation about exential are proven. too bad burden of proof is with us who speculate unless exential collapse.

as i post above...i expect the worst. facts are very evident. i do not know why i still waste my time reading and writing my comments here, probably my subconscious mind is telling me otherwise. dilemma!