How is this possible that Dubai MMA Forex scam is reopening its doors? Online reports state that the firm has no license to operate in the country. What do we know?
16 May, AtoZForex – Back in October 2013, MMA Forex CEO Malik Noureed Awan has received a guilty verdict from a Dubai court. UAE officials have arrested the Pakistani businessman in relation to the Ponzi investment scheme that has failed. The scheme has caused hundreds of lost funds.
Is Dubai MMA Forex scam back in business?
Reportedly, Dubai MMA Forex scam is now back in business and is ready to onboard clients after the long break. According to the online reports, MMA Forex now is operating under the name MMA Bank GT. Back at the time of the Ponzi scheme, a number of UAE traders have invested money with MMA Forex. However, the scheme has failed and, when the UAE authorities have inspected the offices of the firm.
A sum of almost $11 million has been transferred to the MMA Forex accounts by a number of investors. Allegedly, the firm has been telling the traders that it requires a minimum investment of $300. In addition, the MMA Forex has been promising to double the investments via Forex trading operations.
How is MMA Forex related to MMA Group?
Some of the reports were stating that MMA Forex is the daughter company of the MMA Group. However, when we reached out to the officials of the MMA Group, we got a completely different answer. According to the General Manager of MMA Group, Zubair Ahmad:
"MMA Forex has never been part of the MMA Group. The CEO of MMA Forex happens to be the father of one of our directors. In 2012 the company shut down, and it will not reopen until the liabilities of the former clients will be refunded.
Again MMA Forex does not exist and there are no ties with the MMA Group. Also, there is no intention to reopen MMA Forex. Currently, we are trying to facilitate the payments back to the affected clients."
The online reports have been stating that the freshly reopened firm is claiming that it is a corporation that runs an airline, a bank, and some other operations:
“As we were ushered into a conference room, promotional videos ran on a TV screen about the group’s vast portfolio that includes a heavy equipment industry and a private airline operating from Ras Al Khaimah airport.”
The local media of Gulf is concerned about how the old scam’s operators are able to start the business all over again. The report is also highlighting that the firm does not possess any license to provide investment services in the country.
Stay tuned! We will update you on the details of the case, as soon as the new information will be available.
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