Exential forex Ponzi scheme victims in Dubai turn to UK investigators

Exential forex Ponzi scheme victims in Dubai turn to UK investigators

- in All News, Forex Brokers, Regulation
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More than 240 victims of the Exential Group forex Ponzi scheme have turned to Carlton Huxley – a private UK consulting and financial fraud investigation firm in an effort to recover their lost money, reports the site Thenational.ae.

As SMN already reported in the summer, the Dubai regulators have ordered the forex investment firm Exential Group to cease trading, pending an investigation of the Department of Economic Development (DED) into numerous complaints from investors.

According to some estimates quoted by The National, more than 6000 people, mostly from the cabin crew of the Emirates airline, have “invested” about $300 million into the scheme.

Now Carlton Huxley investigators have visited Dubai to interview the victims and will try to locate the money and recover it for their clients. Bill Ferguson, senior investigator at Carlton Huxley told The National that they have gotten to the Exential parent company FCI Markets – a forex brokerage 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,” he said.

Ferguson also said that the investigators aware that there have been at least three similar big scams in the last five years and they have affected mostly cabin crew.

“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.

Exential Group has been offering 120% returns on investments in “forex managed accounts”. For some time it was paying off the promised sums, but eventually the scheme dried up leaving hundreds of its “investors” in huge debts.

An SMN check today revealed that in spite the ongoing investigation, the Exential Group site is still up and running.

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