MMA Financial Services has more than k+ registered and satisfied customers around the forexecn.tk Group is dedicated to creating the ultimate experience for their clients whether it be Forex,Airlines,Industrial or Media. May 11, · MMA Forex, a Dubai-based Ponzi scheme that was shut down and its owner jailed almost five years ago, is open for business once again.. According to the report of Gulf News, the company operating it, MMABank GT, is located in the same office building as the previous forexecn.tk then, between and , it scammed UAE residents out of a total of AED 40 million (almost $ million). The game is well and truly over for Malik Noureed Awan, the former CEO of Dubai-hased MMA Forex as he now finds himself on the receiving end of a two year jail sentence, handed down yesterday as a result of a guilty verdict at his trial at a court in Dubai on October The matters surrounding MMA.
Dubai: If a money-making opportunity looks too good to be true, it probably is. Tens of thousands of UAE residents have learned this the hard way after losing their life savings in investment plans only to discover that these were outright Ponzi schemes.
Yet such is the lure of easy money, that every few days many still get sucked into their swirling vortex of deceit, Mma forex dubai news. The derivatives marketing specialist reckons there could be such fly-by-night companies in the UAE peddling get-rich quick schemes by offering annual returns of up to per cent.
However, like any other outwardly viable but untenable model, the Ponzi schemes look good till they last, which in most cases has rarely been beyond six years, Mma forex dubai news. Sure enough, when they inevitably fall apart, they cause the equivalent of a financial apocalypse.
But statistics are just numbers. Understandably so as they are unable to capture the plight of the affected. A Dubai father who works for a reputed airline, but often goes without food. My husband got so annoyed that he left me.
My kids are on the verge of dropping out of school and my husband wants their custody saying I cannot look after them. The airline staffer said his entire salary goes towards paying off his loan. L, 36, who was out on bail, was reportedly re-arrested by Al Barsha police in connection with the fraud. People are so blinded by the seemingly incredible returns that they seldom pause to think how they could possibly earn per cent monthly on their investments.
Stupidity also plays an important if not equal part. At the end of a day cycle, they were paid Dh for the job. They had to pay a security deposit of Dh for each project. In theory, they got their initial investment in two months; any extra job after that Mma forex dubai news profit. When that was not enough, Mma forex dubai news, scores sold their jewellery and homes. One enterprising man even set up a temporary typing centre at his home in India where young students were hired to do the job.
NNobody bothered to find out how anyone could make a fortune out of typing a few sheets of paper. By the time the company was shut down by the Dubai Economic Department DED and its owners jailed for fraud, millions had been siphoned off. Another company, MMA Forex, conned investors into believing they were dealing with a multinational firm with a diversified portfolio that included an airline in Ras Al Khaimah.
As it turned out, the whole thing was a sham. The UT Markets scam which happened around the same time as Exential is even more shocking. Yet nearly 4, UAE residents, largely cabin crew, gave away their hard-earned money to them without a second thought.
At 13 per cent per month, the returns were too good to be true, and too good to be missed, recalls Indian expat A. Instances of Ponzi victims recovering their money are few and far between.
The only time a restitution effort has been successful in recent years was in the case of American fraudster Mma forex dubai news Madoff, who was sentenced to years in prison by US courts in for running the biggest Ponzi scheme in history. While this may spring hope among many in the UAE, finding the money and Mma forex dubai news it fairly among victims remains a tricky proposition. An executive who lost Dh, said that no matter how much is recovered, his life can never be back on track.
Named after notorious US-scamster Charles Ponzi, the scheme functions by paying off new investors with money from old ones. Mma forex dubai news Dubai-based professional trader and coach Sara Waqar right. You should also due diligence and listen to your gut feeling before you commit your hard-earned money to a financial scheme. A rule of thumb of the financial market is: What seems too good to be true, is never true.
There is no other interpretation of this evergreen cliche. According to Instone, people Mma forex dubai news take financial advice from a qualified professional rather than someone who cold calls them. You can manage them any time by clicking on the notification icon.
Sunday, December 1, Mma forex dubai news, UAE Crime. All Sections. Image Credit: Supplied Dubai: If a money-making opportunity looks too good to be true, it probably is. So what is that causes well-educated people to fall into the infallible trap of Ponzi schemes? The Morning and Evening Brief. A daily brief with the biggest stories of the day. More From Crime. Murder sentence reduced for British journalist. Two men jailed for killing Dubai businessman.
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MMA Forex is the registered company in UAE / Dubai specializing in providing services for online Forex trading in Dubai and UAE. The basic review points and quick information about MMA Forex UAE / Dubai are as follows. Location of Main office: Office No 1,, 11th Floor, Mai Tower, Amman Road, Al Nahda 1. MMA Financial Services has more than k+ registered and satisfied customers around the forexecn.tk Group is dedicated to creating the ultimate experience for their clients whether it be Forex,Airlines,Industrial or Media. The game is well and truly over for Malik Noureed Awan, the former CEO of Dubai-hased MMA Forex as he now finds himself on the receiving end of a two year jail sentence, handed down yesterday as a result of a guilty verdict at his trial at a court in Dubai on October The matters surrounding MMA.