thaji wrote:This sounds too good to be true and I'm afraid this may be some sort of elaborate Ponzi scheme.
If something sounds too good to be true, it usually is.
Exential Group were shut down in July 2016 by the Dubai Department of Economic Development (DED) according to a report in The National on 20 Jul 2016.
That report seems to be the original source of news repeated in various other publications since then.
Financial regulators have shut down a foreign exchange trading scheme in Dubai that promised investors they could more than double their money.
Exential Group in Dubai Media City was ordered to cease trading on Sunday as the Department of Economic Development investigates complaints by clients that due payments had dried up.
The company promised annual returns of up to 120 per cent, but investors who have tried to close their accounts have not been paid money owed.
No one can promise that sort of return. Any investment anywhere "promising" more than 10% return per year should be avoided, or at least viewed with suspicion. Any investment "promising" 5% to 10% per year should be treated very warily, and probably avoided. Realistically, at best, anything more than 5% can only be suggested as a possible return, not guaranteed (or "promised").
The Exential FB page reportedly (The National) said (I can't find any FB page with this statement, except posts quoting article from The National, nor can I find it on EG website):
The office was visited by DED and was ordered to close the office in result to the complaints which were submitted to DED by clients.
We are working to resolve this situation at the earliest and we will be back to normal operations as soon as possible.
This is normal practice by DED and will be resolved by us as we are committed to carry on the business. Any other information that states anything else is not accurate. We urge you to remain calm as we are working to resolve the issue.
There was an update in The National this morning, saying that some Exential customers have filed cases against Exential to recover lost money.
Exential FB pages I found are:
www.facebook.com/Exential-Investments-Inc-905479606239890/ (last update 18 Jan 2016, seems to be the most official one).
www.facebook.com/ExentialTadawulMe-UAE-1498595687060563/ (old page, most recent post 17 Nov 2014, description says it's a forum for EG account holders).
www.facebook.com/ExentialTadawulMe-give-us-our-money-back-1022348804539910/ (probably not an official EG page, no information except one post requesting a refund).
www.facebook.com/pages/Exential-Group/1417817715127643 (nothing useful, looks like something made by FB automatically, not by EG themselves).
Exential website at www.exentialgroup.com still available, although loads slow enough that I thought it had locked up my PC. I didn't find any mention of trading suspension or how clients can recover their money.
Contact information from EG website given as (phone number looks unusual for a DMC number - local numbers starting with 2 are usually on Deira side of Dubai):
Exential Mideast Commercial Brokers
Arenco Tower, Office # 003
Dubai Media City, Dubai
United Arab Emirates
Tel: +971 4 276 6055