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TadawulME / Exential Group:

Discussion in 'Has anyone heard of?' started by samsam9000, Aug 8, 2014.

  1. samsam9000

    samsam9000 Recruit

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    Hello all, hoping to gain information on Tadawulme or Exential Group after a bunch of people at my workplace have confided that they have opened multiple accounts of $20,000USD each and are seeing 10% returns per month. I immediately default to this being a scam and began digging to try to save these people:

    Things I have discovered so far:

    Tadawulme: (tadawulme.com)
    - Website no longer exists and indeed immediately redirects to exentialgroup.com
    - Therefore, at the least, these two companies are the same.

    Exential Group (exentialgroup.com)
    - website cache of tadawulme is identical to exential group = same company = same design
    - website design itself is an almost exact clone of a theme offered by website: Effektive Multi-Purpose WordPress Theme | Bootstrap WordPress Site
    - Ozythemes is of course, a website design company...so they could have legitimately bought this theme and be using it. Not damning in itself but seems kind of lazy for a financial company. Company "established" in 2011 - why no social media presence?... leads me to:
    - Exentialgroup site: Links that don't work: Twitter / Facebook / Linked in, lead to place-holder pages on their own website.
    - Twitter search: Nothing for: exential / exentialgroup / tadawulme
    - Facebook search: Returns only placeholder page, no information, 8 people likes.
    - Linkedin search people:
    - Christybell De Araujo e Nazareth (From Goa)
    - Wesley Dias (From Goa) Facebook
    - Valmond Menezes (From Goa) Facebook
    - Jonathan Coelho (From Goa) Facebook
    - Mohammed Behairy (Egypt)
    - Raymond Thomas (Karachi Pakistan) Facebook

    - Mainly from Goa in India. Look to be young, in their 20s, with little or not financial trading background or education.
    - Some state they used to work at Tadawulme

    --
    Website:
    - " British Virgin Islands (BVI) and Seychelles with a Rep office in Dubai, UAE" - Can't find any regulatory body in BVI or Seychelles that mention them
    - "The results audited by a third party. Each month our results are confirmed by a third party auditor before they are published." - Audited by who?
    - Testimonials: Not provided due to protect "client confidentially" - why not use anonymous or fake names?
    - Exential or Tadawulme :
    - Not registered with Dubai FSA (Financial Security Authority)
    - Not registered with UAE Central Bank
    - Ownership....who owns this company?

    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.

    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
    - 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.

    ---

    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.

    Any help or further information anyone has good or bad would be appreciated.
     
    1 person likes this.
  2. Scam_Buster

    Scam_Buster Recruit

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    Dear Samsam9000,
    I'm at the same situation as well, and I actually met with some representative of the Exential group. He was ok, not very knowledgeable and didn't answer all my questions which some how raised some red flags for me. The deal sounds too good to be true, and if it's too good to be true, then most likely it's too good to be true. I've taken the task to uncover some truth about this company. I was able to obtain the following information:

    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.

    I will contact the DED and S&S brokerage just to understand in details the nature of the cooperation between the Extensial, FCI & S&S Brokerage.

    If you have any further info, please share it.

    Thanks,






     
  3. Scam_Buster

    Scam_Buster Recruit

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    I've accumulated some info about this company, and even been contacting DED to make sure their commercial license is valid.
     
  4. samsam9000

    samsam9000 Recruit

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    Nice information - now the ball is rolling.

    Having a license doesn't mean they aren't doing something illegal. History has proven that offering returns of this nature simply is not sustainable.

    If you can make this kind of return, what do you need clients for? Just invest your own money!

    Let me know what you find, i'll keep digging too.
     
  5. samsam9000

    samsam9000 Recruit

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    [/QUOTE]
    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.
    [/QUOTE]

    ...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.

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

    - Do you have copies of the licenses? The UAE Central bank letter? The S&S Link?

    Thanks
     
  6. Pharaoh

    Pharaoh Colonel

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    Do they recommend or require a specific broker?
     
  7. Scam_Buster

    Scam_Buster Recruit

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    Re: Exential

    It seems to me Exential doing the trading under FCI Markets, which it looks an OK company. (fcimarkets.com)
    FCI market is a company which does all financial services, and Exential uses their platform (Software). Now, FCI is licensed under the Financial Services Commission "FSC" under the security and investment Business act in the British Virgin Islands "BVI" under license No. SIBA/13/1042. But, that doesn't mean anything, because it not regulated by anything here in the UAE! I believe since the company is in the UAE, they need to abide by UAE laws and regulations, not other countries.

    S&S Brokerage House has a business agreement that enables Exential to solicit customer for commodities and FX trading for FCI Markets.

    If you live in Dubai, let's meet and we can have a cup of tea or coffee and i can share what I know.

    yes, I have the documents



    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.
    [/QUOTE]

    ...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.

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

    - Do you have copies of the licenses? The UAE Central bank letter? The S&S Link?

    Thanks[/QUOTE]
     
  8. Raahul

    Raahul Banned multi

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    Dear Samsam9000 / Scam_Buster,

    I appreciate the light you are trying to shed on scams that actually take place in forex markets. However specifically pertaining to the Exential Group, I apologize but I would beg to differ with you'll guys on this one. I have been a client with Exential for the past two and a half years and watched the company grow ever since then. I have earned consistent returns over the said period and for that matter recovered my capital money.
    However there was a slight glitch and delay in January 2014 when it came to the payment of my profits, as they had just shifted over to an alternate broker. Hence I decided to test them by choosing to terminate a part of my investment, where in, I received all my dues from them within the stipulated period of time. This was done just to verify the authenticity of the institution and having played on the same hunch which turned out to be in correct, I have re- invested with them once again.
    Having invested with Exential a chunk of money, I have cross verified and checked that they are indeed tied up with Sands Brokerage house who are directly regulated by the Central Bank of U.A.E, and have acquired FCI Markets as their primary brokers who are in turn licensed by SIBA in the British Virgin Islands.

    Your help would be much appreciated if you'll could shed some light on any information I might have missed out on.

    Thanks,
     
  9. Scam_Buster

    Scam_Buster Recruit

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    Re: Exential

    Dear Raahul,
    Of course I appreciate your feedback and again, I am not trying to undermine Exential operation by no means. You input and testimonials is great feedback. Can you please share more info. such as when did you start? how much you paid? you average return? have you met any one from the company? Company ownership? How you money is safe? how long it takes you to get your money back? Are they regulated by the UAE laws? have they ever been audited? if so, who audit them? just to make sure the info is ok?

    See, some of the info should be a public records, because if it's not, then right away it gives a negative feedback.

     
  10. Exential Mideast/ Tadawul

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    Mr. Stephan,

    Firstly we would like to thank you for coming out through this medium to educate your friends, colleagues and fellow investors about forex. We understand that with so many forex scams in the recent past you are just being protective to all.

    Secondly, we have answered to all points that you have raised a concern. Kindly see our reply against every statement made by you.


    Hello all, hoping to gain information on Tadawulme or Exential Group after a bunch of people at my workplace have confided that they have opened multiple accounts of $20,000USD each and are seeing 10% returns per month. I immediately default to this being a scam and began digging to try to save these people:

    Reply from Exential Mideast/ Tadawul ME: Kindly note that we have never guaranteed a 10% return a month nor any fixed income. Profits varies according to market conditions but several months we did do 10%


    Things I have discovered so far:

    Tadawulme: (Exential Group)
    - Website no longer exists and indeed immediately redirects to Exential Group
    Exential Mideast/ Tadawul ME: In March 2014 there has been a re organisation in our corporate structure on the basis of this we have an Exentialgroup with Tadawul ME and Exential Mideast commercial brokers.
    Therefore the said website will always re direct towards the Exential group. Hence in your comment mentioned below “Therefore, at the least, these two companies are the same.”
    It thus makes clear sense.

    - Therefore, at the least, these two companies are the same.

    Exential Group (Exential Group)
    - website cache of tadawulme is identical to exential group = same company = same design

    Reply from Exential Mideast/ Tadawul ME: We AGREE

    - website design itself is an almost exact clone of a theme offered by website: Effektive Multi-Purpose WordPress Theme | Bootstrap WordPress Site

    Reply from Exential Mideast/ Tadawul ME: We AGREE


    - Ozythemes is of course, a website design company...so they could have legitimately bought this theme and be using it. Not damning in itself but seems kind of lazy for a financial company.

    Reply fromExential Mideast/ Tadawul ME: We AGREE


    Company "established" in 2011 - why no social media presence? leads me to:
    - Exentialgroup site: Links that don't work: Twitter / Facebook / Linked in, lead to place-holder pages on their own website.
    - Twitter search: Nothing for: exential / exentialgroup / tadawulme
    - Facebook search: Returns only placeholder page, no information, 8 people likes.

    Reply from Exential Mideast/ Tadawul ME: Incorporated as a managed account service provider our policies are discretionary and restrictive, hence we do not believe in public and social media marketing.

    - Linkedin search people:
    - Christybell De Araujo e Nazareth (From Goa)
    - Wesley Dias (From Goa) Facebook
    - Valmond Menezes (From Goa) Facebook
    - Jonathan Coelho (From Goa) Facebook
    - Mohammed Behairy (Egypt)
    - Raymond Thomas (Karachi Pakistan) Facebook

    - Mainly from Goa in India. Look to be young, in their 20s, with little or not financial trading background or education.
    - Some state they used to work at Tadawulme

    Reply From Exential Mideast/ Tadawul ME: Our team is young and dynamic with the profound knowledge of the product that we have to offer.
    In one of your post below you have mentioned that we are 10 to 15 staff, I would like to confirm that we are not the number that you state below. We are a strong team of 23 individuals, mostly from the subcontinent and other nationalities (Indians, Pakistani, Sri lankan, Nepali, Filipino and Hungarian)
    So we are actually surprised that you know our back office staff without interacting with them and say that ” Mainly from Goa in India” and you list only 4.

    --
    Website:
    - " British Virgin Islands (BVI) and Seychelles with a Rep office in Dubai, UAE" - Can't find any regulatory body in BVI or Seychelles that mention them

    Reply From Exential Mideast/ Tadawul ME: Kindly note that we have registered office address in BVI and Seychelles and we will be more than happy to share the incorporation certificates with our clients only on request.

    - "The results audited by a third party. Each month our results are confirmed by a third party auditor before they are published." - Audited by who?

    Reply From Exential Mideast/ Tadawul ME: Every trade that is entered is updated and verified by a third party called My fxbook. Any individual whether a client or not of Exential Mideast/ Tadawul ME can verify that the trades and profits are real and not “too good to be true”


    - Testimonials: Not provided due to protect "client confidentially" - why not use anonymous or fake names?

    Reply From Exential Mideast/ Tadawul ME: We do not believe in testimonials and especially fake or anonymous names being published, in that case what stops us from putting up fake testimonial about ourselves.
    We do provide testimonials on request.
    WE BELIEVE IN REFERRALS IN COMPARISON TO TESTIMONIALS.

    - 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.

    - 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.


    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 ae based in Dubai

    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 - 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: NOTHING CIRCUMSTANCIAL ALL FICTICIOUS
    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.


    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 EXPLAINATIONS UNSATISFACTORY, LOOKING FOR A FACE TO FACE MEETING AT OUR OFFICE PREMISES:

    ARENCO TOWER
    Dubai Media City
    Office # 707
    Tel # 04 2766055




    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 licenced or regulated by the DFSA.

    Reply From Exential Mideast/ Tadawul ME: I 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.


    Firms conducting brokerage business in the UAE are required to be licensed by the Emirates Securities and Commodities Authority (SCA). Firms licenced by the SCA can be found on their web site at Securities and Commodities Authority

    Reply From Exential Mideast/ Tadawul ME: We agree as it does not apply to us as we are authorized by S&S Brokerage House (Regulated by the Central Bank of UAE) to solicit clients.


    The DFSA regularly issues alerts about firms that purport to provide financial services. The alerts can be found on the DFSA web site. Whilst the DFSA has not issued an alert about Exential, its conduct raises a number of red flags that you and your colleagues should be concerned about.

    Reply From Exential Mideast/ Tadawul ME: We Agree

    My preliminary searches of the SCA web site did not identify Exential. The telephone number provided by Exential, on its web site, was not answered when I called it. I recommend that you conduct your own searches on the SCA web site and inform the SCA, by way of a complaint, of Exential’s conduct.

    Reply From Exential Mideast/ Tadawul ME: Dear name removed,

    You and your colleagues should not conduct any financial services business with a firm that is not licensed by a financial services regulator.

    Reply From Exential Mideast/ Tadawul ME: We Agree

    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.
    Exential Mideast/ Tadawul ME: We Agree

    I hope this information has been of use to you.




    [/QUOTE]
    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.
    [/QUOTE]

    ...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: Dear wrong name removed, we are happy that Exential Mideast/ Tadawul ME has kept you working overtime that you have been posting these post in the wee hours ie: 3 am UAE time.
    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 inter mediation, 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.


    - 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 me 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 Licensed and regulated by Central Bank of UAE.



    - Do you have copies of the licenses? The UAE Central bank letter? The S&S Link?


    Dear All,
    In some time once we get the green signal from our legal team we shall upload all relevant documents stating the existence of all the companies stated here, namely Exential Mideast Commercial Brokers LLC – DED License Attached
    FCI Markets INC – BVI – SIBA Licence Attached
    S&S Brokerage House – Central Bank Licence Attached
    Authorization letter from S&S and FCI Markets INC to solicit clients on their behalf.

    Thank you all for your patience.
     

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