{"id":3522,"date":"2017-01-26T19:43:26","date_gmt":"2017-01-26T19:43:26","guid":{"rendered":"http:\/\/www.futuresandoptions.gr\/en\/?p=3522"},"modified":"2017-01-26T20:26:28","modified_gmt":"2017-01-26T20:26:28","slug":"investigators-turn-attention-to-second-forex-fraud-in-dubai","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/investigators-turn-attention-to-second-forex-fraud-in-dubai\/","title":{"rendered":"Investigators turn attention to second forex fraud in Dubai"},"content":{"rendered":"<h3>Investigators turn attention to second forex fraud in Dubai<\/h3>\n<p>As the man behind a Dh50 million forex scheme that promised to double investors\u2019 money is arrested for a second time, investigators are now turning their attention to a second forex fraud believed to have snared thousands of Emirates crew.<\/p>\n<p>Sydney Lemos, who investors claim was the protagonist in the Exential operation run from Media City, has been rearrested and is in police custody, according to lawyers. He is accused of leading a team of sellers promising 120 per cent returns on US$20,000 accounts invested in foreign currencies. The bogus Exential trading scheme was shut down by the Economic Development Department last year.<\/p>\n<p>Private investigators at UK firm Carlton Huxley, who are working on behalf of 30 clients \u2013 most of whom Emirates cabin crew \u2013 claim a second fund offering similar returns could have more victims.<\/p>\n<p>UTMarkets is a UK-run website with offices in Bulgaria offering investors the chance to trade <a href=\"https:\/\/www.futuresandoptions.gr\/en\/forex-news\/\">Forex<\/a> and other commodities.\u201cOur lead investigators have established that some people involved in Exential may also be connected with UTMarkets,\u201d said John Rynne, a director of Carlton Huxley. \u201cCarlton Huxley has been retained by a number of clients to look into the conduct of those involved in UTMarkets.\u00a0\u201cWe are working with the Bulgarian law firm New Balkan Law Office along with authorities in the UK and Bulgaria.\u201d\u00a0The UTMarkets website makes similar profit promises to those of Exential, which left thousands devastated by debt.<\/p>\n<p>The site, which remains active, offers an \u201cunparalleled mix of forex and commodities brokerage services that\u2019s easy to use and completely secure\u201d.<\/p>\n<p>Fraud investigators said the UTMarkets scheme developed quickly through recommendations among airline workers in late 2015 and early last year as Exential started to collapse.<br \/>\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- 468x60, \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03ae\u03b8\u03b7\u03ba\u03b5 6\/8\/2010 --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 468px; height: 60px;\" data-ad-client=\"ca-pub-8884023723313114\" data-ad-slot=\"5444360416\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>\u201cWe have grounds to believe there are about 6,000 UTMarkets victims, 95 per cent of whom work for Emirates airline,\u201d said one of the UK investigators, who has visited Dubai several times to interview account holders of both schemes. \u201cWe are keeping the legal department of Emirates informed and have identified people who appear to have been actively involved with Exential who are also involved in UTMarkets.\u201d<\/p>\n<p>Several UTMarkets account managers were approached for comment, but none responded. Asif, an Emirates ground crew employee from India who has been in Dubai for 11 years, borrowed about Dh110,000 to invest in UTMarkets in January 2016. He earns Dh15,000 a month.<\/p>\n<p>He was paid about Dh7,000 a month for five months, but was encouraged to reinvest most of that by relationship managers working from an office in Sofia, Bulgaria. \u201cI had heard of Exential for years, but had not invested,\u201d he said. I was hoping to plan for my future with my wife, and heard Exential account holders were having problems, so invested with UTMarkets instead. They were offering almost twice as much in monthly returns. \u201cMy friends and colleagues at Emirates persuaded me that UTMarkets was a better investment.\u201d<\/p>\n<p>He claims many who lost out through Exential ploughed more money from loans and credit cards into the UTMarkets funds in an attempt to recover their initial deposits. Asif, who took no financial advice before handing over the cash, said he is owed about Dh84,500 from UTMarkets and was kept informed by his relationship managers via a What\u2019sApp group that is no longer posting. \u201cOne of my friends has invested $30,000, another $50,000,\u201d he said. \u201cThere are a lot of people in Dubai with big financial commitments to this. The conversation with UTMarkets stopped when they stopped paying out each month. The account managers have all now disappeared. It\u2019s hard to know if the trading information they were giving us was real, or fake.\u201d Carlton Huxley is planning a series of free to attend educational seminars later this year in Dubai to warn about the dangers of investing in similar schemes.<\/p>\n<p>Source:TheNationalUAE<\/p>\n<div class=\"container\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Investigators turn attention to second forex fraud in Dubai As the man behind a Dh50 million forex scheme that promised to double investors\u2019 money is arrested for a second time, investigators are now turning their [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[15,29,14],"tags":[52,756,6,757,420,671,755,43,432,473,532],"class_list":["post-3522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","category-forex-2","category-financial-news","tag-commodities-2","tag-foreign-currencies","tag-forex","tag-forex-fraud","tag-forex-signals","tag-forex-trading","tag-fraud","tag-fx","tag-investing","tag-investment","tag-investors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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