Remember me on this computer. We can only send passwords to the e-mail address you're registered with. If you can not remember it, or have any other problem, please e-mail registration arabianbusiness. Markets Equities Commodities Currencies Market Data Companies A-Z Loading Opinion Comment Reader Comments AB Cafe Loading Property News Listings Property Index Loading The Dubai government has shut down a foreign exchange trading firm in Dubai pending further investigations.

Officials from the Department of Economic Development DED closed the offices of Exential Group in Dubai Media City last week and ordered it to cease trading. The company allegedly told investors it could more than double their investments from forex trading. However, comments posted in a Facebook group purporting to have been set up by disgruntled Exential clients suggest that investors who have tried to close their accounts have been waiting for funds due for almost a year.

Any other information that states anything else is not accurate.

We urge you to remain calm as we are working to resolve the issue. A spokesperson for Exential Group said in an emailed statement to Arabian Business: In , Pakistani businessman Malik Awan was jailed for two years after his Ponzi-style foreign exchange trading scheme MMA Forex collapsed, with investors reportedly losing millions in the fraud.

The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers. Comments posted on arabianbusiness. I have also been scammed by Exential with 10k USD left in my account which is still now frozen.

This is the reason why i started with UTMarkets. I'm pleased with their service from half an year i'm working with them. If anyone has a chance to withdrawal their money from Exential - do it!

Boss of Dh50m foreign currency scheme in Dubai arrested | The National

Reply to this comment. What is the latest update? Been hearing for the last couple of months they are sorting it out with DED. Is the issue resolved?

Does anyone have the contact of people who filed a case? Any updates from DED? A lot of Emirates Crew invested in this scheme, some taking personal loans from the bank. There are few solutions that can help fix this issue self. Unimaginable expense of owner supporting there families all Hats off to Bin Baz and Etihad Airways!

A noble gesture, and something to be proud of!

So if your memorable moment is in October, November or December then you can forget about it? I recall a recent study by Alpen Capital suggesting that the average cost of a child's entire life of schooling in Dubai is about AED 1 million. The statistics speak for themselves, most accidents in the UAE involve a South Asian and follow the same equation on how you choose a good doctor, it's Log in Not registered?

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Comment Reader Comments AB Cafe. News Listings Property Index. Authorities close down Dubai forex trading scheme.

Department of Economic Development orders Exential Group to stop trading following complaints. Article Reader Comments By Sarah Townsend Monday, 25 July Image for illustrative purposes only. Stories Dubai sets up body to fight fraud, money laundering. UAE money exchangers raise sector growth worries with central bank. US court fines UAE residents for spoofing in gold, silver markets. Al Ain court jails three businessmen over issuing fake work permits. Why privatisation could increase corruption in Gulf.

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