Ponzi Scheme TadawulME / Exential Group:

[riderX]

no. you dont need to prove that they are scam. just show to the authority that you have requested to withdraw your capital, and as per agreement(which i assume is in writing), they have to pay within 20 working days (which i again assume EG has failed to honor for some "investors"). thats the start of the process. or maybe they will pay this particular complainant immediately. but what if majority now will file a complaint? maybe dubai police is not the right authority, but im sure that if u will tell them about the EGs default, and the amount involved, they will help you go to the right authority.

also, mr investorone, let us know when is the next meeting. u said anyone can join right? and have you verified mr prince daniel of S&S? i ran a quick check on linkedin and even tried to google. is he the uk national who is a retired fx broker? or the indian who is a business associate with fci market & fc prime IN ASSOCIATION with S&S? i cant seem to find any prince daniel who is directly connected to S&S. hope you can help your fellow "investors" on this.

 

[investorone]

no. you dont need to prove that they are scam. just show to the authority that you have requested to withdraw your capital, and as per agreement(which i assume is in writing), they have to pay within 20 working days (which i again assume EG has failed to honor for some "investors"). thats the start of the process. or maybe they will pay this particular complainant immediately. but what if majority now will file a complaint? maybe dubai police is not the right authority, but im sure that if u will tell them about the EGs default, and the amount involved, they will help you go to the right authority.

also, mr investorone, let us know when is the next meeting. u said anyone can join right? and have you verified mr prince daniel of S&S? i ran a quick check on linkedin and even tried to google. is he the uk national who is a retired fx broker? or the indian who is a business associate with fci market & fc prime IN ASSOCIATION with S&S? i cant seem to find any prince daniel who is directly connected to S&S. hope you can help your fellow "investors" on this.

File a complaint for what? That their capital is gone and not returned? Unfortunately there is no single case of that kind. Im 100% sure that if there was one then a case had been filed already. Its a big amount you know. I for one will file a case if I pull out my capital and received none.

Once there is an announcement for the next meeting I will let you know and please attend.

 

[riderX]

No single case of that kind? really? check Tadawul/Exential FB page (5th visitor post). somebody filed a closure on Feb 1, and yesterday, EG requested for additional 3 weeks. Another one closed her account at the beginning of jan and (good thing), she got her money back only on Feb 19. Then another on JLTrader forum - Somebody requested at the beginning of jan and still waiting as of feb 24. These are just examples. I also know somebody who filed a withdrawal on December and got his money back last week. But this is after a lot harassment and threathening to file a case. These are just examples. I guess the trick is threaten them

And please let us know once you've verified this prince daniel guy.

 

[SilentSpectator]

File a complaint for what? That their capital is gone and not returned?

Breach of contract perhaps? The contracted period for profit remittance and account closure are continuously being disregarded and this gives the affected party a right to call on the law to ensure that Exential follows their contractual obigations to the dot.

 

[totalpips]

And thats exactly why when they delayed my withdrawals (back in Sept/Nov) last year on the contracted day I threatened to go to the authorities - which saw my accounts returned within hours...

 

[investorone]

If you got your money back what will you tell the police then? Makes me wonder how will you explain all these things to the police in arabic.. Sorry again just a reality check. If you went to a police station once you already know what im talking about.

Breach of contract? Do you think that will fly with them? If yes then you guys should have done it when they delayed giving your funds correct? Just for couriosity Why you're encouraging others to file complaints when yourselves have not done it before?

 

[SilentSpectator]

Breach of contract? Do you think that will fly with them?

What are contracts for other than to ensure that both agreeing parties live up to their end of the agreement? Any form of breach to that contract can be subject to legal action if the affected party would call for it. For example, delayed rent payments and salaries etc. This is common practice everywhere.

If yes then you guys should have done it when they delayed giving your funds correct? Just for couriosity Why you're encouraging others to file complaints when yourselves have not done it before?

First-off I got off this scheme before the delays went out of hand. My reason for quitting wasn't the delay of payments, but the lack of transparency. My conscience won't let me live with the possibility of earning money from innocent (ignorant) future victims should this turn out to be a scam. Who knows, there may even be a chance that my money's been funding something worse. Don't get me wrong. I loved the returns, but their refusal to crush the speculations by going fully-transparent is what made me abandon ship.

And that is also the reason why I am all for encouraging others to file complaints now. If others would do it, perhaps, the authorities can step in and see things about the company that they refuse to show the average "investor". After the authorities do their investigation, Exential will then start observing their contractual obligations, and the so-called "investors" will be happy. What's in it for me? After the authorities conclude the investigation and give Exential the green light to resume operations, I'm going to put all money back, quit my job, and take the first plane to Thailand.

 

[riderX]

Im not an "investor" mr investorone. Im talking about the others who have not received their agreed payments on time. And don't say that this case does exist. Its evident in various forums/social media comments.

Last time I check, failure to honor a payment is a crime here in uae. this may be synonymous with bounced cheques. So yes, beach of contract will fly with them

Same with silentspectator, as soon as the authorities will clear EG's name (if they can) (and of course after understanding how they actually do their trading), I will dump my money with them.

 

[investorone]

Im not an "investor" mr investorone. Im talking about the others who have not received their agreed payments on time. And don't say that this case does exist. Its evident in various forums/social media comments.

Last time I check, failure to honor a payment is a crime here in uae. this may be synonymous with bounced cheques. So yes, beach of contract will fly with them

Same with silentspectator, as soon as the authorities will clear EG's name (if they can) (and of course after understanding how they actually do their trading), I will dump my money with them.

Delayed in crediting profits does exist. I myself can vouch for that. But there was an explanation given and I accepted their explanation. Others did not hence they pulled out their capital and closed their accounts which is the right thing to do if you’re not comfortable anymore on what you’ve entered into.


However, with all the various forums/social media comments is there any case wherein a person complains that he/she pulled out/closed his/her account and then received nothing (ZERO) for the reason that the Company lose it already. This is the kind of case I’m talking about. If there is a single case like that then I will not ask any more questions and I will just close all my accounts. Let me know.

 

[riderX]

do u think that when EG "lose it already" for one account, it will still pay other accounts? what you are asking is when EG has gone awol. this is the best time for EG to come out and silence all doubters by being transparent. i really hope that they can do this so that no one will lose their investment.

i think somebody posted something in this forum about indications of when a scam is almost "losing it". it includes increase in communication with investors, significant delays, change in withdrawal process, banking issues, etc. sounds familiar?

you are satisfied with the delays? then how do you explain why the others are getting their money, and other do not? whats their basis? first come first serve? goans first serve? those who threatens first serve?

your are satisfied even if you have not verified if the person who speaks in front of you is actually connected to S&S? with all these accusations, you probably still dont know who is the auditor of EG, ryt? my fx fund manager gladly showed me their audited fs (with the audit opinion of one of the big audit firms). i know who their big bosses are. they are registered with proper authority. these are just some of the transparency that i hope EG would demonstrate to all their investors and even doubters.