Ponzi Scheme TadawulME / Exential Group:

[SilentSpectator]

okay..so after sending another follow up on EG for the release of our money since its our 6th month now. and this is the reply that we got! they have no right to hold our money like this! why cant they just return it! we have withdrawn our money since January why they are telling us now this things? in the first place we should not be part of this new term since the withdrawal has been done already! this should be applied to new withdrawals! crazy!

From EG RM:
Kindly note that we are currently not able to entertain withdrawals and account closures due to the limited availability of transfer channels and business limitations. In order to continue the sustained life of the investment and to safeguard the interest of the clients investment, Tadawul ME Managed Accounts Program has decided to withhold the payment of all account closures temporarily.

This action has been taken in complete good faith with the sole intention of ensuring the safety of the whole program.

In the event, if you wish to discontinue the investment the policy adopted by Tadawul ME Managed Accounts Program shall apply and payments shall be made more or less within a minimum of 9 months from the date of acceptance of our new terms and conditions / amended Investment Agreement.

You are hereby requested to visit the office in the below mentioned address to sign and acknowledge the same.

this is ridiculous!

Oh no.

Although this is expected, it's still upsetting. Everyone else waiting for their 6th or 9th months, take action now. Every day wasted gives them another day to bailout.

 

[lady23]

Oh no.

Although this is expected, it's still upsetting. Everyone else waiting for their 6th or 9th months, take action now. Every day wasted gives them another day to bailout.

That is why, we have wasted 6months of our time. even though everyday we ask our stupid RM and he is not informing us anything only until lately..it is really upsetting..now we really have to start from 0 days after signing that new contract

 

[SilentSpectator]

That is why, we have wasted 6months of our time. even though everyday we ask our stupid RM and he is not informing us anything only until lately..it is really upsetting..now we really have to start from 0 days after signing that new contract

Is there no other option than to sign that stupid contract? I don't think that will be wise. The original contract was not honored, the six-month term was also not honored. What guarantees that they will honor anything else?

I'm curious with what would happen when you throw a hissy-fit in Arenco, and when they call the cops on you when you refuse to leave throw them under the bus.

 

[totalpips]

They will also refuse to sign a cheque (they are smart enough not to do that)... I have heard that calling the police whilst onsite can force the issue, however people are loathe to go down this route (for whatever reason).

I have seen it work with my own eye on rental car companies who refuse to return security deposits after the stand down period. Usually a complainant goes to the company, asks for their money - when the company refuses, call the police. Police arrive. Complainant explains the situation to the officer attending. Company says it is having financial difficulties / or doesn't hold cash / or various other reasons. Police then make the company sign an undertaking that the company will pay by such and such a date (usually one or two days). And viola within the agreed time frame cash is paid to the complainant.

I don't really understand why the above cant happen in EG's case. As soon as the police get involved it becomes criminal. I think people just need to be a little braver when demanding their rights.

 

[lady23]

They will also refuse to sign a cheque (they are smart enough not to do that)... I have heard that calling the police whilst onsite can force the issue, however people are loathe to go down this route (for whatever reason).

I have seen it work with my own eye on rental car companies who refuse to return security deposits after the stand down period. Usually a complainant goes to the company, asks for their money - when the company refuses, call the police. Police arrive. Complainant explains the situation to the officer attending. Company says it is having financial difficulties / or doesn't hold cash / or various other reasons. Police then make the company sign an undertaking that the company will pay by such and such a date (usually one or two days). And viola within the agreed time frame cash is paid to the complainant.

I don't really understand why the above cant happen in EG's case. As soon as the police get involved it becomes criminal. I think people just need to be a little braver when demanding their rights.

I guess that's the only option we can have. go there make a scene in demanding your money back and if things didn't get too well then call a police to visit them in the office and resolve the issue right there and then.. just need to be brave enough to do this or sign the stupid contract! the hell this EG

 

[SilentSpectator]

just need to be brave enough to do this or sign the stupid contract! the hell this EG

Yup, it's just one or the other as signing the contract would mean you can not cause a scene for the next 9 months.

 

[lady23]

Yup, it's just one or the other as signing the contract would mean you can not cause a scene for the next 9 months.

if there are other options then don't sign the contract..this is getting crazier and crazier

 

[Marco2807]

I guess that's the only option we can have. go there make a scene in demanding your money back and if things didn't get too well then call a police to visit them in the office and resolve the issue right there and then.. just need to be brave enough to do this or sign the stupid contract! the hell this EG

Lady23, before you blame others, be honest to yourself. Were you aware with the risks this investment carried ? If not, you should never put your savings into anything you do not understand. Too late for complaining now, making a scene will not make a difference as they do not have the money anymore, however you can save other people to do the same mistake. Don't sign anything, you should look for legal advice since yesterday! Hesitating is a waste of time and will only favour EG, that is exactly what they want. Really hope you will be able to recover some of your loss!

 

[Pharaoh]

"Kindly note that we are currently not able to entertain withdrawals and account closures due to the limited availability of transfer channels and business limitations."

Sounds to me like a rehash of the "we're having banking issues" delay in payments. They've had more than enough time to find other transfer channels. Certified checks sent by express mail would be a simple option - if they really wanted to pay clients.

"In order to continue the sustained life of the investment and to safeguard the interest of the clients investment, Tadawul ME Managed Accounts Program has decided to withhold the payment of all account closures temporarily."

In other words: In order to protect all of the client money we've collected, we're blocking client access to their initial deposit as well as the alleged profits. By "temporarily", we mean maybe another 9 months, maybe another 2 years, or maybe forever.


Don't sign any new contracts. They've already failed to honor previous contracts. By signing a new one, you'll only make it harder to get your complaint the attention it deserves

Instead, I recommend following the advice given above about paying Exential's offices a visit.

Go to the office bringing all prior contracts and all documents showing how much you are owed. Politely request ALL money owed to you be paid NOW. If they refuse, don't yell or scream. Just calmly inform them that you will now call the police - then make the call. If you are a victim and don't want to go down by yourself and call the police, use this thread to get together with 3 or 4 others and go down as a small group. If possible, invite some reporters to come along and document the encounter. If not, use your own phone or other camera to video what happens.

Remember, no matter what the provocation, client victims need to act in a civil fashion. If the police walk in and you are screaming in an employee's face and throwing items around the office, you'll be the one taken away for questioning. If you remain calm and clearly present your issue first to the company and then to the police (if it's necessary to call them), your chances of getting paid are much greater.

I recommend not waiting. If things get much worse, that office could be abandoned with no warning.

 

[totalpips]

Guys if you follow to choose the advice above, remember here in the UAE we have very strict rules in regards to photographing or taking video of someone. Don't get yourself in any trouble by taking images of the incident. The police arriving on site should be enough. Also if you have an Arabic speaking friend, as if they would mind tagging along. It's always good when speaking to the local authorities here to have someone who can speak the same language as not all police are fluent English speakers.