I saw this in online newspaper so i am sharing. I think it is 100 percent correct point by point.
Similarities between Sunfeast’s outsourced jobs and a Ponzi scheme
Sunfeast insists it’s a genuine company with a viable business model. We leave it to the readers and jittery investors to decide
Ponzi scheme
1. A ponzi scheme is an investment scam where investors are promised, and seemingly delivered, unusually high rates of return.
2. In a ponzi scheme, scam artists pool funds received from victims, living off some and paying a portion back to the investors as interest or gains.
3. The scam artist supplies the victim with documentation or account statements making it appear as if their investment is still intact and earning an exceptional rate of return.
4. Blinded by the returns, investors sink in more money as well as publicise this great investment to their friends and other potential investors.
5. When investors request refund plus earnings, scam artists reach a point where they cannot collect enough new money to pay off the old investors. The scheme collapses and the authorities become involved.
Sunfeast model
1. Sunfeast promised and gave unusually high returns for simple data entry jobs – something a fifth grader who knows how to type on a computer can do.
2. Sunfeast used funds from investors to expand their business (they opened their second office in Dubai in less than two years) and paid back initial investors.
3. Sunfeast issued passbooks to investors, assuring them their investments were safe, but never came out in the open about the clients who they were outsourcing jobs for.
4. Many victims XPRESS spoke to confirmed they were enticed to join Sunfeast after seeing high returns of their friends and neighbours.
5. Sunfeast job outsourcing scheme roped in thousands of investors in no time. It collapsed as quickly when some investors demanded a refund of their security plus their earnings and contacted authorities.
it is 17 days now and no one from headquarter in chennai or london come here to help their jailed partners or send message to investors or issue statement to media or fix their website. What does it mean. That it was conjob as media reported today again. Can anyone give answer?
Well this is more factual in life bro.. No PESSIMISTIC ever have good things in life.. NEVER EVER succeed... Should you are BITTER in your situation, face it!!! Dont take any unwilling peepz be with you.. Each individual have their own perspectives.. have their own minds.. we are not kids here!!!
EARTH is Round bro.. Life has ups and downs...Yes.. Should we be scammed, let we be!!! It is our choice.. The most important thing we DID NOT step on other's shoes..
Well this is more factual in life bro.. No PESSIMISTIC ever have good things in life.. NEVER EVER succeed... Should you are BITTER in your situation, face it!!! Dont take any unwilling peepz be with you.. Each individual have their own perspectives.. have their own minds.. we are not kids here!!!
EARTH is Round bro.. Life has ups and downs...Yes.. Should we be scammed, let we be!!! It is our choice.. The most important thing we DID NOT step on other's shoes..
Well this is more factual in life bro.. No PESSIMISTIC ever have good things in life.. NEVER EVER succeed... Should you are BITTER in your situation, face it!!! Dont take any unwilling peepz be with you.. Each individual have their own perspectives.. have their own minds.. we are not kids here!!!
EARTH is Round bro.. Life has ups and downs...Yes.. Should we be scammed, let we be!!! It is our choice.. The most important thing we DID NOT step on other's shoes..
Sharing some sad stories from today gulf news xpress. i want to add my sad story to this...
Dubai: Since XPRESS broke the story last week, scores of residents have contacted us with heart-wrenching stories detailing how their hard-earned money, in many cases entire life savings, have been wiped out in what could be the UAE’s biggest and most sophisticated ponzi-like scam.
Some wept bitterly on the phone, others wrote long emails to express their anguish. And then there were those who took to online forums in a mass outpouring of anger and grief. We hope this case serves as a grim reminder of the uncomfortable truth: If a money-making scheme looks too good to be true, it most certainly is.
Threat by money-lender
Blinded by greed, I invested Dh50,000 in Sunfeast after borrowing from a private money lender at a high interest rate. The money lender has called me thrice in the past two days. I detected a tone of threat in his voice. I don’t know what to do. My son was asking why I was so tense. I don’t know what to tell him.
I am bankrupt
I am the only breadwinner in my family. I worked in Dubai for about 10 years and managed to save around Dh60,000. When I lost my job a month ago I got Dh25,000 as my end-of-service benefit. With that my savings added up to Dh85,000. That is when I came across Sunfeast through a friend. He had already made more than what he had invested and showed me the proof. I was struggling to make ends meet, paying school fees, house rent, etc. I thought my savings would melt down before I could land another job, so I took the decision to invest in Sunfeast. I swiped my credit card (Dh15,000) at their office and rounded the figure to Dh100,000 which I deposited with the company. April 30 was my first payment date. My rent cheque, daughter’s school fees, credit card bill, grocery, even internet connection depended on it.
Now I am bankrupt. I have sought time from my landlord and daughter’s school. I have not bought groceries and my credit card payment is due.
We took a loan against our jewellery
My husband took a loan against jewellery and swiped his credit card at the Sunfeast office. My in-laws do not know about the loan. Think of our family situation, if they find out about it. If my husband does not pay the credit card dues he will be in jail as we have to repay the amount in the next two months. My husband had to work for two years to earn his invested money. We will wait but the bank and the money lenders will not wait. One of my husband’s friends has invested around Dh200,000 by borrowing from his friend in our home country. What will he do? He cannot go to his home country.
I am on the verge of divorce
I am on the verge of divorce due to this issue. Could somebody please tell me clearly what is happening? I am desperate as my hard-earned money is deposited there. Now I don’t have anything.
I took a loan to invest in Sunfeast
I invested Dh17,000. I am totally jobless and got a loan from someone back home. I don’t know what’s going to happen.
It was my life’s savings
I have invested Dh50,000 in Sunfeast. It’s my life’s savings. All my dreams are shattered.
What do I tell my husband?
I’ve invested Dh4,000 without my husband’s knowledge. I dread to think what I will tell him if he asks about the money. I was hoping to double the money, but it looks like I have lost whatever I had.
Surprise turns to shock
I am devastated. I have invested the money I had kept aside for my daughter’s wedding. I was hoping to get good returns on my investment and surprise my wife with my wisdom. But instead I have shocked them with my foolishness.
My life’s savings of Dh16,000 are stuck
I am a security guard and earn only Dh2,000 a month. I have put my life savings of Dh16,000 into Sunfeast. Now I don’t know what to do. I came to the Karama meeting all the way from Abu Dhabi after a 12-hour shift hoping to get my money back, but there was no one to listen to me. I am devastated.
I am feeling suicidal
I earn Dh6,000 a month. I made the first investment with the company only last month with Dh50,000 because my friend had made Dh150,000. I was sure to make double profit. But now I feel suicidal. I have been drinking all day and just want to forget what has happened.
Mounting expenses
As an office boy I earn Dh2,500 a month, but I was making a cool Dh5,000 every month from the company for the last four months, but it all stopped about a fortnight ago. I had employed three people back home, spending about Dh300 on each per month and now I have got that and several other mounting expenses to foot.
I wish I hadn’t done it
I invested Dh24,000. I have a wife and kid living with me in Dubai and responsibilities back home in Ghana. I don’t know how I can recover my money. I wish I hadn’t done it in the first place. I hope others learn from our mistakes and don’t ever fall for such traps.
We are doomed
Six of us invested between Dh2,000-Dh5,000 in Sunfeast. And now all of us are doomed. If it were one of us the other could have bailed us out. Who do we turn for help?
(Names of investors kept secret to protect identity)
Hey folks. Please dont be pessimistic see they have told that they will repay back your money then why do you have to backlash them again and again. Shame on you guys see nobody told you to put your money there. DID THEY THEMSELVES TOLD YOU TO COME AND INVEST OVER THERE. YOU GUYS DID IT FOR URSELF. SO GROW UP TO ADMIT YOUR MISTAKES BY YOURSELF. Not only that they were the only one who did the mistake. Who gave them the chance to do it. You guys only. We know very clearly its only like a very small group who is against them out of 6000 its barely 100 to 150 who is against them. And because of you guys the whole lot is suffering. If you really do have the guts guys those who really hate SUNFEAST and has a problem with them that you are quite sure that you will not get your money back and those ones who has filed the case against them BRING OUT BIG BUTTS AND tell your name and number post it out in the google forum or send an email to babar bhai or anyone and we will first settle out you guys first so the rest of them can stay in peace.
sorry forgot to post my name on the above message. It is MIKAEl.
sorry forgot to post my name on the above message. It is MIKAEl.
File a case on SUNFEAST.. if you don't.. they will take approvals from you.. that they have paid you.. and then they will ESCAPE ..
GO TO POLICE STATION NOW.. FILE A CASE ON RADHAI.. cuz she used to collect money and sign documents also.. FILE A CASE on RADHAI .. or whoever.. THAT EYEGLASSES guy.. I feel like spitting on his face.. he was also a part of this SCAM .. THIS IS A SCAM .. BABAR SHAME ON YOU FOR MISLEADING PEOPLE>> you are a FOOL..
AND A FOOL ALWAYS gets other PEOPLE into TROUBLE.. DONT LISTEN TO HIM.. THIS COMPANY IS A FRUAD.. if RADHAI TELLS HIM.. LISTEN BABAR>. WE WILL PAY YOUR MONEY.. You forget about the other INVESTORS>. what do you think he will do.. HE WILL TAKE HIS OWN MONEY and wash his hands.. SO THE BEST THING IS.. FILE A CASE AGAINST SUNFEAST.. DONT LET THE OWNERS OUT.. CUZ THIS IS A SCAM.. if they come out of JAIL.. they will run.. they can also run by SHIP.. by other means.. SO STOp Being FOOLISH.. go to nearby POLICE STATION.. or go to RIfaa Police Station.. they Know the CASE.. COmplaint against RADHAI.. she is part of the SCAM..
LEt them all ROT IN JAIL .. FORGET ABOUT BABAR>. LISTEN TO HIM.. DONT FOLLOW HIM.. TAKE YOUR OWN DECISION..
File a case on SUNFEAST.. if you don't.. they will take approvals from you.. that they have paid you.. and then they will ESCAPE ..
GO TO POLICE STATION NOW.. FILE A CASE ON RADHAI.. cuz she used to collect money and sign documents also.. FILE A CASE on RADHAI .. or whoever.. THAT EYEGLASSES guy.. I feel like spitting on his face.. he was also a part of this SCAM .. THIS IS A SCAM .. BABAR SHAME ON YOU FOR MISLEADING PEOPLE>> you are a FOOL..
AND A FOOL ALWAYS gets other PEOPLE into TROUBLE.. DONT LISTEN TO HIM.. THIS COMPANY IS A FRUAD.. if RADHAI TELLS HIM.. LISTEN BABAR>. WE WILL PAY YOUR MONEY.. You forget about the other INVESTORS>. what do you think he will do.. HE WILL TAKE HIS OWN MONEY and wash his hands.. SO THE BEST THING IS.. FILE A CASE AGAINST SUNFEAST.. DONT LET THE OWNERS OUT.. CUZ THIS IS A SCAM.. if they come out of JAIL.. they will run.. they can also run by SHIP.. by other means.. SO STOp Being FOOLISH.. go to nearby POLICE STATION.. or go to RIfaa Police Station.. they Know the CASE.. COmplaint against RADHAI.. she is part of the SCAM..
LEt them all ROT IN JAIL .. FORGET ABOUT BABAR>. LISTEN TO HIM.. DONT FOLLOW HIM.. TAKE YOUR OWN DECISION..
File a case on SUNFEAST.. if you don't.. they will take approvals from you.. that they have paid you.. and then they will ESCAPE ..
GO TO POLICE STATION NOW.. FILE A CASE ON RADHAI.. cuz she used to collect money and sign documents also.. FILE A CASE on RADHAI .. or whoever.. THAT EYEGLASSES guy.. I feel like spitting on his face.. he was also a part of this SCAM .. THIS IS A SCAM .. BABAR SHAME ON YOU FOR MISLEADING PEOPLE>> you are a FOOL..
AND A FOOL ALWAYS gets other PEOPLE into TROUBLE.. DONT LISTEN TO HIM.. THIS COMPANY IS A FRUAD.. if RADHAI TELLS HIM.. LISTEN BABAR>. WE WILL PAY YOUR MONEY.. You forget about the other INVESTORS>. what do you think he will do.. HE WILL TAKE HIS OWN MONEY and wash his hands.. SO THE BEST THING IS.. FILE A CASE AGAINST SUNFEAST.. DONT LET THE OWNERS OUT.. CUZ THIS IS A SCAM.. if they come out of JAIL.. they will run.. they can also run by SHIP.. by other means.. SO STOp Being FOOLISH.. go to nearby POLICE STATION.. or go to RIfaa Police Station.. they Know the CASE.. COmplaint against RADHAI.. she is part of the SCAM..
LEt them all ROT IN JAIL .. FORGET ABOUT BABAR>. LISTEN TO HIM.. DONT FOLLOW HIM.. TAKE YOUR OWN DECISION..
1197- well said I think babar is a mouthpiece of sunfeast, he was paid or promised they will return his money. He does not care about other investors he will take only his money and run, of course his main aim is to bring out the owners in jail.
what do you mean you want them to come back? did they run away? I thought some employees are in the prison. including mr. kumar the main manager. i dont tknow what exactly happened here. the filipina receptionist told my friend that employees there were not having working permit. and the police were asking for a 40 million dirhams security bond just in case of soing some fraudulent acts...
I reiterate too, as I reiterated to Mr. Babar during our telecon, that OUTSOURCING IS LEGITIMATE.
I can say that because I spent years on the actual outsourcing job way back in the Philippines.
My previous job is on the VOICE OUTSOURCING.
US, Europe, and UK companies secretly divert their job requirements to countries like Philippines & India because of cheaper labour and operational costs.
It is not only on voice and data encoding/ processing, we are also aware that even the garments industry is outsourcing their tailoring and build-up jobs in Bangladesh & Sri Lanka & Vietnam.
The only problem Sunfeast encountered here in the UAE is the legality of the OUTSOURCING PROCESS, as you stated and I fully agree, there is no clear and definite law on outsourcing yet formulated here in UAE, in Dubai to be particular.
These foreign companies that outsource jobs, would never entertained queries from individual persons, for legal reason, they secretly deal also with companies like Sunfeast who can afford to POST PROJECT BOND.
My previous company in the Philippines, as far as I knew, posted 1,000,000 USD as PERFORMANCE & CONTRACT BOND.
This BOND is the only security for both parties to ensure that the agreed project would be finished on time with accuracy.
Besides, no one can claim that Sunfeast did not pay any dues prior to this mess.