Ponzi Scheme TadawulME / Exential Group:

[Miky123]

h

Hi, if you have the copy of the new contract appreciate if you could share here so people will be informed about the details of this new contract., we have tried to asked them to give us a copy in order to study it before signing but they refused and said they will only provide it on the day that you sign it (in their office).

Hi Lady23,...did you go to the office.i hear they are not even honouring the 6 months they told us.i hear you go there after 6 months they go like....oh you did not sign the 6 months..This guys are crooks they do not have any money.if they would have they would already have invited auditors now so as to share the report with their clients.They are a pyramid scheme and do not have new clients to pay the old.

 

[lady23]

h

Hi Lady23,...did you go to the office.i hear they are not even honouring the 6 months they told us.i hear you go there after 6 months they go like....oh you did not sign the 6 months..This guys are crooks they do not have any money.if they would have they would already have invited auditors now so as to share the report with their clients.They are a pyramid scheme and do not have new clients to pay the old.

Hi Miky123, yes a month ago we went there and we had a meeting with our a*****e RM and even insisted that we need to sign the new contract but we didn't agreed. and I asked him even if didn't sign the new contract what will happen, so he told us that we still need to wait the 6 months period. and that's what we did, now after sending a lot of sms follow ups and getting no reply from him, we sent him emails coping all the email from exentials and get a reply telling us that we need to sign the formality agreement before we can get the time frame for the release of our capital, see how stupid they are, they kept changing there words, after we have waited for 6 months since our withdrawal not it seems like we have to go back to start of waiting for another 6months once we decided to sign that stupid contract. you will really loose you patience with these people. they are all liars! they kept playing with all the investors!

 

[Miky123]

Hi Miky123, yes a month ago we went there and we had a meeting with our a*****e RM and even insisted that we need to sign the new contract but we didn't agreed. and I asked him even if didn't sign the new contract what will happen, so he told us that we still need to wait the 6 months period. and that's what we did, now after sending a lot of sms follow ups and getting no reply from him, we sent him emails coping all the email from exentials and get a reply telling us that we need to sign the formality agreement before we can get the time frame for the release of our capital, see how stupid they are, they kept changing there words, after we have waited for 6 months since our withdrawal not it seems like we have to go back to start of waiting for another 6months once we decided to sign that stupid contract. you will really loose you patience with these people. they are all liars! they kept playing with all the investors!

Am sorry to hear that...so you finally signed?i do not think it makes any difference whether you sign or not they are just buying time..I hear from friends that they have now changed the timeline to 9 months.the timeline does not mean anything to them...if they did not honor what was in the contract who says they will honor those 6 or 9 months.
The worrying thing is they told a friend to go to court,they also told him we are sure you will win the case but we will tell the courts we do not have now.

 

[lady23]

Am sorry to hear that...so you finally signed?i do not think it makes any difference whether you sign or not they are just buying time..I hear from friends that they have now changed the timeline to 9 months.the timeline does not mean anything to them...if they did not honor what was in the contract who says they will honor those 6 or 9 months.
The worrying thing is they told a friend to go to court,they also told him we are sure you will win the case but we will tell the courts we do not have now.

Hi, No we didn't sign the contract, we are still insisting them to give our money back at the soonest possible. but they seems not to care even you will fight with them everyday. you will just stressed your self if you kept fighting with them. this month would be our 6th month will see what another delaying tactics they will tell us. even if you visit them in their office its useless. they will insist you to sign and its like going back again to zero. its so depressing but we don't know what to do anymore aside from waiting...will see what they will tell us again after sending them another follow ups. when we visit their office a month ago they are very honest to tell us that the priority now are those who is waiting for there monthly profit,,especially they still have a lot of backlogs (according them) and those who withdrew their capitals they have to wait until the payouts will be normalized (they cannot tell when) even is I asked them at to what percentage they are now in paying out their backlogs, still our RM has no answer. so its like waiting for nothing...

 

[cristinas]

I have just filed a case with lawyers from MAD Advocates and sent a legal notice to EG with a week of notice. If they don't provide me with the investment within seven days, then the lawyers will proceed to file a civil case and eventually a criminal one. Anyone filed a case recently?

Hi Nikel7, are you part of the collective case? Any news? I just finished sending a message to a lawyer from MAD Advocates and while googling, I found this forum, which is great, btw. I saw your post, and I'm really curious how it went with Exential after the 7 days notice. Thank you, Cristina

 

[Lourka]

Hi Nikel7, are you part of the collective case? Any news? I just finished sending a message to a lawyer from MAD Advocates and while googling, I found this forum, which is great, btw. I saw your post, and I'm really curious how it went with Exential after the 7 days notice. Thank you, Cristina

I sent them the same notice individually and they gave me a big reply from which I'll quote "Alternatively, the policy adopted by Tadawul ME Managed Accounts Program shall apply and payment shall be made only within a period of 9 months from the date of acceptance of our terms and conditions/ Amended Investment Agreement."

 

[totalpips]

I sent them the same notice individually and they gave me a big reply from which I'll quote "Alternatively, the policy adopted by Tadawul ME Managed Accounts Program shall apply and payment shall be made only within a period of 9 months from the date of acceptance of our terms and conditions/ Amended Investment Agreement."

So as I mentioned previously, unless you sign their new agreements, which gives you no additional rights whatsoever, they will hold your profit and withdrawal ransom.. Do you think this is ethical (for those EG supporters still floating around). For the rest - I think this is a lesson in due diligence. I'm not going to get on a soapbox - Im more interested in how EG intends to pay the obviously large amount of clients, without collapsing and dealing with the authorities.

Guys if anyone at all has had any success in the last 6 months - please let everyone know here how they managed to withdraw their capital.

 

[lady23]

So as I mentioned previously, unless you sign their new agreements, which gives you no additional rights whatsoever, they will hold your profit and withdrawal ransom.. Do you think this is ethical (for those EG supporters still floating around). For the rest - I think this is a lesson in due diligence. I'm not going to get on a soapbox - Im more interested in how EG intends to pay the obviously large amount of clients, without collapsing and dealing with the authorities.

Guys if anyone at all has had any success in the last 6 months - please let everyone know here how they managed to withdraw their capital.

we got to speak with our STUPID RM this morning over the phone to clarify matters about the new contract. and he informed us that we need to sign it to get a new time frame. see how stressful is this for us? in the first place when we withdrew our money back in January 2016, he told us that the payout will be delayed in another 40days. and so we wait..after 40days he came back that the schedule of release will be up to the next 6 months due to backlogs, we got to meet him face to face a month ago and that when this contract was again mentioned to us which we disagree to sign, the reason that we have come too far to wait from January and now that the 6months is almost over again we have to start all over again after signing the contract and wait again another 9 months? until when this will end? nobody knows..because EG holds our money and only them can tell when they will give back our money..

 

[totalpips]

we got to speak with our STUPID RM this morning over the phone to clarify matters about the new contract. and he informed us that we need to sign it to get a new time frame. see how stressful is this for us? in the first place when we withdrew our money back in January 2016, he told us that the payout will be delayed in another 40days. and so we wait..after 40days he came back that the schedule of release will be up to the next 6 months due to backlogs, we got to meet him face to face a month ago and that when this contract was again mentioned to us which we disagree to sign, the reason that we have come too far to wait from January and now that the 6months is almost over again we have to start all over again after signing the contract and wait again another 9 months? until when this will end? nobody knows..because EG holds our money and only them can tell when they will give back our money..

Lady and others, thats why I asked if anyone had been successful withdrawing their capital. The threats of a civil legal case dont seem to phase EG, as Im sure they will just say they dont have the cashflow. While that isnt the result people will want, at least that will be out in the open (if thats they way they approach their case in the courts). I've spoken to an Emirati colleague and he has said why dont you get them to sign a cheque (which then makes it a criminal case if they default). If they dont agree to this, then you will see their intention. Almost all legitimate companies when asking for extensions of credit or payments terms will sign the cheque - after all its a sign of good faith. Perhaps you guys can negotiate with them collectively and say you agree to the additional terms, provided they sign a cheque. If they dont agree at least then you know they have no intention of sticking to their side of the bargain.

 

[lady23]

Lady and others, thats why I asked if anyone had been successful withdrawing their capital. The threats of a civil legal case dont seem to phase EG, as Im sure they will just say they dont have the cashflow. While that isnt the result people will want, at least that will be out in the open (if thats they way they approach their case in the courts). I've spoken to an Emirati colleague and he has said why dont you get them to sign a cheque (which then makes it a criminal case if they default). If they dont agree to this, then you will see their intention. Almost all legitimate companies when asking for extensions of credit or payments terms will sign the cheque - after all its a sign of good faith. Perhaps you guys can negotiate with them collectively and say you agree to the additional terms, provided they sign a cheque. If they dont agree at least then you know they have no intention of sticking to their side of the bargain.

Hi totalpips, actually when we went to their office and our RM explained to us that due to backlogs of profits and due to bank restrictions, we proposed to them a 50/50 term. Since they are not able to pay the whole amount we came up of the idea of getting the 50% advance and 50% after 6 months. but it seems our RM is not negotiating it well with EG so until now we are not getting any approval or update about our proposal which they wanted us to sign this new agreement and again another extra 9 months of waiting which is clearly a very unfair offer. but we will try again your advise if this will okay with EG,