Excorex App defrauds hundreds in al-Jazira with promises of quick profits

Hundreds of residents in the al-Jazira region have been subjected to financial fraud under the guise of digital trading through an application called Excorex, after being enticed with promises of making rapid profits within a short period of time.

According to our correspondent, a large number of residents were drawn to the application after it was promoted as a way to achieve high returns. Users were required to transfer $500 to their account within the app, with the promise that they would earn an additional $500 in profits within just 10 days.

Commenting to ANHA agency, digital trading expert Salar Ali said:
“This application represents a new method of fraud. Residents are lured by providing real profits at the beginning to a limited group of users in order to gain trust and later expand to reach the largest possible number of victims.”

The expert added that “the unidentified individuals behind the management of the application aim to collect approximately $5 million from users before disappearing suddenly, as has happened in similar cases.”

He also confirmed that the method of attracting users relies on a referral system, where a user receives $50 for every new person they bring into the application.

In contact with several individuals who were defrauded, they confirmed that the application initially operated normally and withdrawals were processed without problems. However, the situation changed over the past two days, as both profit withdrawals and the original deposited funds were no longer accessible.

The victims explained that withdrawals had previously been carried out through cryptocurrencies via financial transfer companies operating in the region.

ANHA