ED Magedson – Founder
Al Abbud Investment GroupDubai, United Arab Emirates
Al Abbud Investment Group Typical loan fee scam Dubai United Arab Emirates
What APPEARS to be a loan fee scam, although I did not follow through to see if I was going to get scammed.
Supposedly a Dubai-based lender, offering loans backed by Surety Bonds issued by a Dubai-based insurance company.
The solicitor was sending out cold-calls through Linked-In. No legitimate lender would do that. And, the name of the Lender had discrepancies in his solicitations.
The web site was brand new and very amateurish, listed no actual projects or portfolion assets, nothing legit.
None of the principals listed for the company had any presence Google
The name of the company was actually different depending on where you looked.
The insurance company they listed (Arab Orient Insurance Group) as a Dubai insurance company, with a web site, was actually a Jordan insurance company that has a very different real web site and actually a different name, (Orient Insurance Company, NOT GROUP). Again, the web site they gave was brand new and had no contact information or anything to give it legitimacy.
They gave a reference of someone who had received a loan, but it didn't check out; their company web site was also totoally amateurish, with no contact information, office address, nothing to lend it legitimacy. And he was pushy to get me to pay the "surety bond" fee and get my loan.
They required a face-to-face meeting in Dubai to go collect the funds. TOTAL RED FLAG. No telling what might have happened once showing up in Dubai under such circumstances.... being accused of something, being throwin into jail, requiring additional fees at the last minute for something unexepcted... who knows.
WATCH OUT FOR THESE GUYS.
This report was posted on Ripoff Report on 06/12/2013 11:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/Al-Abbud-Investment-Group/Dubai-/Al-Abbud-Investment-Group-Typical-loan-fee-scam-Dubai-United-Arab-Emirates-1058599. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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