Fraudster Who Led MMA Forex In Dubai Sentenced To Two Years In Jail
by
Andrew Saks McLeod
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'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.
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.
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'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.
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.
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.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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