Two Goans sentenced to 517 years in jail for running $13 million fake racket in Dubai

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New Delhi | Published: April 11, 2018 5:49:56 PM

Two Goans were sentenced to 517 years of jail time by the Dubai Misdemeanours Court on Tuesday for running a fake investment racket worth more than $13 million in Dubai.

Sydney Lemos, Sydney Lemos jail, Sydney Lemos jailed, Sydney Lemos dubai, Sydney Lemos sentenced to jail, goan jailed, goan jailed in dubaiTwo Goans were sentenced to 517 years of jail time by the Dubai Misdemeanours Court on Tuesday for running a fake investment racket. (Source: IE)

Two Goans were sentenced to 517 years of jail time by the Dubai Misdemeanours Court on Tuesday for running a fake investment racket worth more than $13 million in Dubai. Sydney Lemos and his senior accounts specialist Ryan de Souza were found guilty by the Court on Sunday but the verdict was announced today. Lemos’ firm Exential Group – a foreign exchange trading firm had promised to pay its clients a 120 per cent annual returns on their investment but failed to do so causing losses to the tune of 50 million dirhams to their clients.

Their office was sealed by the Department of Economic Development (DED), Dubai in July 2016 after a number of complaints were received from the duped customers. The investigation showed that the company initially paid the due profit to its investors but after the scheme collapsed in March 2016 the payment stopped and the office had to be shut down.

Interestingly, Lemos had access to who’s who of world football not so long ago. He rose to when his company, FC Prime Markets (FC denoting forex and commodities), became the principal sponsor of FC Goa, the team Indian Super League (ISL) team.

He was seen at a number of ISL matches, often sitting next to big names like Sachin Tendulkar, Abhishek Bachchan and Ranbir Kapoor, all of whom are associated with the cash-rich league.

Not just this, Lemos and Valany were also seen with international stars like Zico, and even Ronaldinho, to whom they were introduced at VIP Room, a popular nightclub in Dubai renowned for its celeb clientele.
According to Gulf News, Lemos was arrested in January last year and was under investigation for ‘criminal allegations’, while de Souza was arrested by officials while he was trying to leave the country. Reports also suggest that Lemos’ wife was also a part of the fraud but managed to flee the country.

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