Exential forex scam: the background



From groups of Filipino churchgoers, to scores of Emirates cabin crew flying out of Dubai – hundreds of normal people looking to secure their futures have been caught up in the Exential scam.

For many, the process of retrieving their money may seem like it’s in slow motion as cash remains tied up in accounts they can’t touch – or hidden away in offshore banking systems like the British Virgin Islands.

Lawyers working on their behalf insist the case is rapidly moving forward, and once assets have been locked down and a court judgement issued, those who have appointed specialist firms to recover their cash could soon be repaid.

It seemed like the perfect investment. For a $25,000 deposit, an account could be opened with the money invested in foreign currency, and traded when markets fluctuated using a complicated computer algorithm.

The reality was a Ponzi scheme, with profits paid out using new investor’s money.

Those on the trail of assets hidden around the world by the men behind the scheme claim more arrests are likely, as the sole detainee so far, Exential’s chief executive Sydney Lemos, is a fall guy, taking the hit for bigger players behind the scenes.

“Those involved, including those in the client base, have not always been honest with us,” said Bill Ferguson, legal firm Carlton Huxley’s lead investigator.

“We think Sydney Lemos is taking the wrap for others, and he is not as guilty in this as many people assume.”

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

THE BIO

Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.

Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.

Personal motto: If something’s meant for you it won’t pass you by.

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC