Mma forex frauds
Your browser is ancient! Upgrade to a different browser or install Google Chrome Frame to experience this site. A weekly motoring magazine packed with the latest local and global motoring news, reviews and views. MMA Forex which duped hundreds out of millions of dirhams seeks investments all over again as CEO returns after more than 3 years in jail. Nearly five years after it was shut down and its Pakistani CEO subsequently convicted and jailed for fraud, MMA Forex — the foreign exchange trading arm of MMA Group — is back in business and seeking investments all over again.
Fact is MMA has neither any heavy equipment industry nor any airline in Ras Al Khaimah and the GT suffix added to one of its concerns, MMA Bank, actually stands for General Trading. What is clear though is that its audacious comeback has left previous investors angry and dismayed. On its part, MMA has repeatedly assured clients that it will not just refund them but also give them 40 per cent profit. So far no one has been paid.
For the 72 UAE-based investors who lodged police complaints against the company, even this empty promise has not been made. As a punitive measure, MMA Forex has allegedly blacklisted all such cleints and also ceased communication with them. One such victim, Sikandar Lodhi, 32, said he is shocked beyond disbelief to learn that the company has reopened and functioning as normal.
But I am not going to sit quietly.
However, Zubair Ahmad, manager operations. MMA Group, refuted the allegations. His son who happens to be our CEO, was arrested over regulatory issues. MMA Group has no links with MMA Forex. We are not taking any investment on behalf of MMA Forex. He also said that MMA Bank should be read as Mamank.
The case of the hidden identity MMA Group denies any links with MMA Forex which they claim has ceased to exist, although the website of MMA Forex sits on home page of MMA Group as of May 10 and their own staff showed how one can register with MMA Forex and start trading in foreign currencies when an undercover XPRESS journalist visited their office.
XPRESS investigations further show that the owner of the website of MMA Forex is using a service to hide his identity!
MMA Forex - Run away with client's fund, Review | Complaints Board
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Fraudster Who Led MMA Forex In Dubai Sentenced To Two Years In Jail | Finance Magnates
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