Fraudster Who Led MMA Forex In Dubai Sentenced To Two Years In Jail
- Malik Noureed Awan has been sentenced to two years in jail following a guilty verdict at a court in Dubai on allegations of fraud. Mr Awan's company, MMA Forex had taken deposits from customers that it could not return.
The game is well and truly over for Malik Noureed Awan, the former CEO of Dubai-hased MMA Forex as he now finds himself on the receiving end of a two year jail sentence, handed down yesterday as a result of a guilty verdict at his trial at a court in Dubai on October 30.
The matters surrounding MMA Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term's eventual demise took a long, drawn out path, beginning in late 2012 and escalating in mid-2013 after account holders began to seek restitution subsequent to the broker's refusal to return deposits to clients.
Malik Noureed Awan,
CEO MMA Forex
Receives Two-Year Stretch
Clients had been duped into investing in MMA Forex's products with promises of unrealistically high returns from various products including a managed account. Being based in Dubai, the company was able to target the Emerati nation's large population of overseas workers, and once a deposit had been made, conduct a business which resembles a Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term.
Social Media Exposes Improper Business Practice
MMA Forex was exposed as being a scam as customers began to report that they were no longer being paid. As a result, investors began to use the internet to gather and report their situation, often via social media websites such as Facebook.
As is often the case among businessmen with a penchant for gaining wealth via nefarious ends, MMA Forex painted a picture of wealth and success to its clients, including interests in a bogus airline, and multinational heavy machinery operations. The company, according to Gulf News, an English-language news source from the region, has continued its bluster and bravado subsequent to the court's verdict and Mr. Awan's jail sentence.
In Denial
According to that particular report, at the time of Mr. Awan's arrest which was initiated by the UAE authorities issuing enforcement on MMA Forex's Mai Tower office in Al Nahda earlier this year, and Mr. Awan being arrested and taken to Al Gusais Police Station. A series of investors who had fallen victim to MMA Forex's scheme appeared at the Police station in order to confront Mr. Awan, who attempted to calm the fears of the investors and that the company was robust and would pay them back.
Many investors considered Mr. Awan's penalty to be light when considering the damage done to the financial situation of the trail of investors duped by MMA Forex. One particular investor, a Pakistani compatriot of Mr. Awan, had led an online group of investors seeking to bring this company to book had exclaimed "Just two years? I was expecting a much harsher sentence" to Gulf News upon hearing the verdict.
The game is well and truly over for Malik Noureed Awan, the former CEO of Dubai-hased MMA Forex as he now finds himself on the receiving end of a two year jail sentence, handed down yesterday as a result of a guilty verdict at his trial at a court in Dubai on October 30.
The matters surrounding MMA Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term's eventual demise took a long, drawn out path, beginning in late 2012 and escalating in mid-2013 after account holders began to seek restitution subsequent to the broker's refusal to return deposits to clients.
Malik Noureed Awan,
CEO MMA Forex
Receives Two-Year Stretch
Clients had been duped into investing in MMA Forex's products with promises of unrealistically high returns from various products including a managed account. Being based in Dubai, the company was able to target the Emerati nation's large population of overseas workers, and once a deposit had been made, conduct a business which resembles a Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term.
Social Media Exposes Improper Business Practice
MMA Forex was exposed as being a scam as customers began to report that they were no longer being paid. As a result, investors began to use the internet to gather and report their situation, often via social media websites such as Facebook.
As is often the case among businessmen with a penchant for gaining wealth via nefarious ends, MMA Forex painted a picture of wealth and success to its clients, including interests in a bogus airline, and multinational heavy machinery operations. The company, according to Gulf News, an English-language news source from the region, has continued its bluster and bravado subsequent to the court's verdict and Mr. Awan's jail sentence.
In Denial
According to that particular report, at the time of Mr. Awan's arrest which was initiated by the UAE authorities issuing enforcement on MMA Forex's Mai Tower office in Al Nahda earlier this year, and Mr. Awan being arrested and taken to Al Gusais Police Station. A series of investors who had fallen victim to MMA Forex's scheme appeared at the Police station in order to confront Mr. Awan, who attempted to calm the fears of the investors and that the company was robust and would pay them back.
Many investors considered Mr. Awan's penalty to be light when considering the damage done to the financial situation of the trail of investors duped by MMA Forex. One particular investor, a Pakistani compatriot of Mr. Awan, had led an online group of investors seeking to bring this company to book had exclaimed "Just two years? I was expecting a much harsher sentence" to Gulf News upon hearing the verdict.