Questions also surround whether MMA Group’s claimed airline MMA Airline actually exists.

This is probably either one of the best con jobs or worst smear jobs of all time. Or perhaps both. This is what we (think we) know about the supposed defrauding of clients of Dubai Forex broker MMA Forex, issues at its parent company MMA Group, and the travails of MMA’s once high-flying and now incarcerated founder Malik Noureed Awan.

A war of words is ensuing between Mr. Awan, mainly via his Facebook page, and Dubai English language newspaper Gulf News. Ironically, on his own Facebook page Awan proudly notes that he was named the top Business Personality by what he calls the ‘prestigious’ Gulf News, the very same paper he claims is out to get him (see below).

While Awan has remained in a Dubai prison for the past month under suspicion of fraud, Gulf News has published several articles about Awan and his empire. These include:

Plane truth about MMA’s bogus airline — Gulf News claims that MMA Airline doesn’t have a permit to operate commercial flights, and questioned the company’s claims that their planes are parked at the hangar of RAK airport.

MMA forex scam victims recount ‘horror tales’.

Devastated Pakistani dad blames MMA chief for son’s death.

Dramatic rise and fall of jailed MMA group businessman.

And all that reporting was done over just a one week period.

For his part, as we wrote above, from his Dubai jail cell Mr. Awan has been busy blaming Gulf News for his troubles, saying that since he pulled advertising from the paper for his (nonexistant??) businesses they are out to get him. Amazingly, Mr. Awan continues to tout his apparently-closed MMA Forex brokerage, blogging (from jail) that MMA Forex is ‘going to introduce online account tracking system for our valuable clients… with this they can track there Auto and Manual Account on daily basis…’

As regards Gulf News, Mr. Awan writes:

I just came across a news article against MMA group of companies in a newspaper [ed note. Gulf News] that is the same newspaper company that posted an article a few days ago about how MMA airline has no license and now they are saying that they do have licence but it has expired. They are just trying to bring us down solely because we stopped giving them those ads that brought then a handsome amount of revenue so they decided to create a propoganda and turn their backs against us. This clearly shows that when Allah wants to protect someone no one can bring them down. I hope now people understand that these kind of articles are entirely paid and have no genuine source. They just want to break MMA family but they will never succeed in their act. I genuinely love all my stakeholders and investors now you have to realize their aim and see who is behind all this.
Regards,
MNA

This should continue to be an interesting story to follow. Stay tuned to LeapRate…

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.