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Screenshot of a breaking news alert e-mail from Q2 2017
The National, a UAE English news source reported today of an FX trading investment scam proposing returns up to 120%.
It is believed that more than 6,000 investors deposited about US$300 million (Dh1.1 billion) to the perpetrators.
Specifically, investors say they have lost millions of dirhams in a Dubai Forex scam and have now turned to private investigators from the UK to help to recover their funds.
The National report today says “more than 240 people have contacted Carlton Huxley, a private firm of legal and law enforcement consultants specialising in complex fraud investigations.”
Investors were approached from a business called the ‘Exential trading scheme’ run from Dubai Media City. The parent company involved in the operation is noted as FCI Markets Ltd, based in the British Virgin Islands.
Bill Ferguson, a senior investigator at Carlton Huxley, who is determined to get to the bottom of the case said:
If the money has been stolen our view is to bring criminal and/or civil action against the company in the British Virgin Islands.
Many of the victims are part of Emirates Group Cabin Crew
“Exential was the first investment I had come across in Dubai, because my wife, who is cabin crew, was approached,” a man 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).