Exential Group and EK CC
 

http://m.thenational.ae/dubai-forex-investors-who-have-lost-money-being-targeted-by-criminal-gangs

"I lived in London for many years and have seen Ponzi schemes many times but didn’t suspect this as so many pilots and crew were already invested.


Hahaha

I'm struggling to figure out what you find so funny about people losing their money? It was always a ponzi scheme but not everyone is clued up when it comes to financial investments. I guess there will be some people who've lost a lot of money.

Well you can struggle with me too, as I pi$$ed myself....

Many of these "clueless" morons were warned time and time again, but as usual in the ME, greed ruled the minds.
Anyway, most CC can't ever hope you o repay this debt level do I guess many will run from the debts.

Putting aside the misfortunes of those who were duped, where are the defenders of the scheme (certain pilots) who were trying to get folks on here signed up and insisting it was legitimate?

Not seen them around for a while...

Well, I hope folks on here have learned and will continue to spread the word to stop another 3rd World scam destroying colleagues lives :sad:

Plane and Simple you are a self absorbed idiot. You would honestly stand on the sidelines and laugh at the financial misfortunes of those who in many cases believed the hype in the hope that this would provide them with a better life, or a way out in the long term.

Many CC are over their heads in debt due to this scheme, some will do a runner (and get tracked down) others will live in a mountain of debt on minimal wage and suffer the consequences.

Bit harsh don't you think?

Yeah, maybe a bit harsh there P&S, but I know where you're coming from.

Have you any idea how many people tried to get me to invest in this "scheme" too?

Many of those duped realized it was a ponzi (many were warned time and again) and needed my cash to keep their income rolling in.
It wasn't a case of a mate telling a mate about an opportunity.
It was a hard sell on almost every flight.

I'm glad I was proved right. I'm glad I didn't invest a penny.

But Plane and Simple has called it right.
The greed of this place is astonishing.
The next one that starts up should be avoided like the plague. But it won't.
People will just hope to get in early......

anybody who believes the fact that some investment will give him 10% a month has no idea what he is doing.. you don't even make that kind of money in drugs..!!

MONDAY, NOVEMBER 7, 2016 | SAFAR 7, 1438


UAE
Cabin crew conned in Dubai forex scheme hire private investigators in bid to claim back millions
Nick Webster Nov 07, 2016
DUBAI // Investors who say they have lost millions of dirhams in a Dubai foreign exchange scam have turned to private investigators from the UK to help to recover their funds.

More than 240 people have contacted Carlton Huxley, a private firm of legal and law enforcement consultants specialising in complex fraud investigations.

Experts from the firm visited Dubai this week to interview those claiming to have lost huge sums through the Exential trading scheme run from Dubai Media City.

It is thought more than 6,000 investors deposited about US$300 million (Dh1.1 billion).

Investigators will now try to locate the money and are taking steps to recover funds for their clients, many of them Emirates crew, from Exential parent company FCI Markets Ltd, based in the British Virgin Islands.

"If the money has been stolen our view is to bring criminal and/or civil action against the company in the British Virgin Islands," said Bill Ferguson, a senior investigator at Carlton Huxley, who is determined to recover some of the cash.

Mr Ferguson is a former Metropolitan police officer.


"We’ve been in the UAE to interview victims and conduct a forensic audit into where the money has gone, and the legitimacy of those transactions.

"We are aware there have been three big schemes in Dubai in less than five years that have touched a large number of people, most of whom are cabin crew."

Investigators are concerned that the level of debt loaded on to cabin crew could have huge implications on the Dubai airline industry.

As the crippling fallout from these financial schemes continues, the focus shifts towards the impact on crew and their mountains of debt.

Mr Ferguson said young, debt-ridden women in these cases are often soft targets to be lured into prostitution.

"From the work we’ve done so far, it appears the size of these schemes in terms of number of victims and the amount of money involved has not yet registered with the authorities here in Dubai," Mr Ferguson said.

"We always cooperate fully with the authorities and will also be speaking to Emirates to inform them of the scale of the problem in order for them to either work with us or form their own approach to this."

Promises of 120 per cent investment returns from the Exential scheme dried up this year, and the Department for Economic Development ordered the company to cease trading in July while it conducted its own investigation.

Lawyers at MAD Advocates in Dubai are representing many other clients who claim to have lost substantial sums through the same scheme. Ala’a Momtaz, an associate at the law firm, said it could be a long process to recover any funds through the courts.

Meanwhile Kareem, a chef, is leading a group that is hoping to recover funds with help from Carlton Huxley.

"Exential was the first investment I had come across in Dubai, because my wife, who is cabin crew, was approached," he said. "It had been focused on the entire UAE aviation sector. It looked straightforward, so we invested $60,000.

"On every flight she is on, at least two crew members have accounts and lost money. I’ve heard so many sickening stories. It has affected people rapidly and in different ways."

Some investors took out huge loans to cover their initial stake, with accounts opening from $20,000 (Dh73,500).

Average cabin crew salary is about Dh7,000 a month, so it represents a substantial financial commitment, with some left unable to repay their loans.

"It is hard for crew to go to their employers to admit they are in so much debt," Kareem said.

"Many are scared and don’t know where to turn, they are worried about losing their jobs.

"An alarming number of people have contacted me to say they have been approached by loan sharks offering to buy out their loans."

[email protected]

Once again, if somebody is that stupid and invests money in a scheme like that, whether he or she is a pilot or cabin crew, they just DESERVE TO LOOSE THEIR MONEY.

I have no sympathy whatsoever with those people. The only clever ones are the ones that ran the scheme, they collected 300 million dollars, not bad .....

"We always cooperate fully with the authorities and will also be speaking to Emirates to inform them of the scale of the problem in order for them to either work with us or form their own approach to this."

I don't see what this has to do with Emirates? The people who invested are all adults capable of making their own decisions about what to do with their own money. Naive and possibly greedy adults but that is not Emirates problem or responsibility.

What is for sure is that the money has gone and isn't coming back. I don't suppose Carlton Huxley are working for nothing so this is just throwing more money away.

As always 'if its too good to be true it probably is". Those words have helped me stay away from all these 'get rich quick' schemes since I arrived in the sandpit in 2001. Also a bit of a google search and you could clearly figure out that Exential was not really legit.
Feel bad for those who have lost so much money though...

@BigGeordie

Young expat employees, family far away and booming local economy, perfect setup for ponzi schemes.

It is the corporate social responsibility of the company or moral obligation of the senior management to advise or indirectly hint about these schemes.

Its not that west has no ponzi schemes, scams or snake oil salesmen generally word gets around and new recruits stay away from those.

Unless plan is to stop the money from leaving the empire.

Crew in company accommodation sign guests in to their buildings, and can't have partners stay overnight. Treat them as adults is the common call but do you want to treat them as children when it comes to money? I've lost plenty over the years, no one's fault except mine, it's part of life and learning.

The issue is more with the legal protection in Dubai and the UAE. I looked into it and passed. However, the paperwork provided showed that the company was 'registered' under UAE law and DIFC etc. The paperwork for the FCI Markets also indicated it was legal (which it is) and that it was insured etc etc etc.

So an average investor was led to believe it was an 'approved' company and investment. I am sure many queried the government as to its legitimacy as well.

So where is the protection?? Like every other market in the UAE it is POORLY regulated. Housing, finance etc and all the Wild West!

Trader,

Unfortunately, regulation does not mean protection. Regulation gives you the right to throw good money after bad.

It's the same with a contract.....no contract is worth the paper it is written on, unless you have the means and financial willpower to enforce it in a court of law.......and wo betide if your opponent has more money than you.

4 CC of my flight last night were hit by this. And all planning for the right time to run. Many more CC about to takeoff as well.
Said, but as said before, part of the learning curve of life. They will not fall for the same thing again.

Lets continue,

N. 👍🏼

No need to treat them as children, just as colleagues. Scamming already hard working people is bad.

Anyway people will learn the hard way and word gets around. Biggest joke is authorities claiming to shutdown the scheme.