BackIndian businessman Sydney Lemos arrested for fraud in Dubai
Sydney Lemos, 36, from Goa, was arrested on 21 December, for suspected fraud worth $13.6 million
Premium
Dubai: The Indian owner of a Dubai-based foreign exchange trading firm who had promised to double investors’ money has been arrested in the emirate for suspected fraud, a newspaper reported Tuesday.
Sydney Lemos, 36, from Goa, had been arrested on 21 December, The National reported, saying he was behind the failed investment scheme worth 50 million dirhams ($13.6 million).
His firm, Exential Group, was closed by Dubai authorities in July, the daily said, adding that clients lost millions of dirhams when the group failed to pay out after promising the 100% return on their investments.
A spokesman for Dubai police was unable to confirm or deny the report to AFP.
The National said investors were trying to recover their funds through a local law firm that is working together with UK-based investigation company Carlton Huxley.
“We are working with various authorities both inside and outside Dubai, and looking at the alleged laundering of more than Dh50m by one individual," it quoted a Carlton Huxley spokesman as saying.
“He has now been arrested on criminal allegations," the spokesman said.
Exential said in February that delays in processing investors’ funds were due to anti-money laundering and compliance investigations in Australia, according to the report.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
