Ut market forex dubai

Why do people fall for bogus schemes? | Crime – Gulf News


ut market forex dubai

Dubai: If a money-making opportunity looks too good to be true, it probably is. 1, in MMA Forex, 2, in Gold AE, 40 in Ferryland Tourism and more recently 5, in UT Markets and 7, in Author: Mazhar Farooqui, Editor, XPRESS. The Forex Expo brings together most of the Brilliant market influencers and professionals to discuss the significant topics in the Forex space. Join the People who make magic happens! The Forex Expo brings together and assembles global network of traders and industry expert. DUBAI FXM is a member of The Financial Commission, an international organization engaged in the resolution of disputes within the financial services industry in the Forex market. DUBAI FXM FOREX MARKET is an EU registered trademark, code

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Why do people fall for bogus schemes? Tens of thousands of UAE residents have learned this the hard way after losing their life savings in investment ut market forex dubai 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. 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 ut market forex dubai model, the Ponzi schemes look good till they last, which in most cases ut market forex dubai rarely been ut market forex dubai six years. Sure enough, when they inevitably fall apart, they cause the equivalent of a financial apocalypse. Numbers tell half the story 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, ut market forex dubai, 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. Infallible trap So what is that causes well-educated people to fall into the infallible trap of Ponzi schemes?

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 was profit.

When that was not enough, 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.

No background checks 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 ut market forex dubai down by the Dubai Economic Department DED and its owners jailed for fraud, millions had been siphoned off, ut market forex dubai.

Another company, MMA Forex, conned investors into believing they were dealing with a multinational firm with a diversified portfolio that included ut market forex dubai airline in Ras Al Khaimah. As it turned out, the whole thing was a sham. Yet nearly 4, UAE residents, largely cabin crew, gave away their hard-earned money to them without a second thought, ut market forex dubai.

At 13 per cent per month, the returns were too good to be true, and too good to be missed, recalls Indian expat A. Can victims get their money? 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 Bernard 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 dividing it fairly among victims remains a tricky proposition.

An executive who lost Dh, said that no matter how much is recovered, ut market forex dubai, 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. Agrees 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. More From Crime.


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ut market forex dubai


Dubai: If a money-making opportunity looks too good to be true, it probably is. 1, in MMA Forex, 2, in Gold AE, 40 in Ferryland Tourism and more recently 5, in UT Markets and 7, in Author: Mazhar Farooqui, Editor, XPRESS. tartangosa.tk is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # ). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. This forex day trading course will teach you the basics of day trading forex. Watch these easy to understand videos to get a basic understanding of forex.