Fraudulent Money Exchange Starts Paying Back Customers
- Smart Money Exchange, which was shut down by authorities following irregularities, has started paying off to customers, mainly small businesses who had Wages Protection System (WPS) accounts
- Smart Exchange is also refunding remittances that it did not send before it was shut down in the last week of May 2017
- Smart Exchange’s main branch opposite BurJuman Centre in Bur Dubai is now open daily from 03:00 PM to 06:00 PM, Sunday to Thursday, to pay unpaid wages
- A staff member of the Smart Money Exchange has said that the main branch in Bur Dubai will remain open for six to ten days, in order to pay back 100 customers
- The UAE Central Bank closed down Smart Money Exchange on Tuesday, 30th May, 2017
- The Smart Money Exchange was shut down by UAE Central Bank due to discrepancies, such as complaints from customers that one of the owners absconded with their money
- Smart Money Exchange has six branches in UAE – three in Dubai, two in Abu Dhabi and one in Sharjah – all of which are now closed
- Exchange houses in UAE have to deposit between AED 3 million and AED 75 million as the bank guarantee before they can start operations
- Representatives of UAE Central Bank, Abu Dhabi Judicial Department, Department of Economic Development, and other independent auditors, joined to form a committee to assess the situation with the Smart Money Exchange and take necessary legal action
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I have still not received my money from Smart Exchange. I have contacted them and also given my Emirates ID AND receipt copy. They say no reply from Central bank and to lodge another complain, So I logged another complain with Central bank.
Still there is no sign of the money.
First complain 16871/2017/OL
sECOND COMPLAIN 17472/2017/OL
First complain on 1st June.2017