Indian businessman arrested in Dubai for alleged fraud

An Indian businessman who owns a foreign exchange trading firm in Dubai has been arrested for alleged fraud. He had promised to double investors’ money, reported a newspaper based in Dubai.

An Indian businessman has been arrested in Dubai for alleged fraud. Photo courtesy: recorder.com

Sydney Lemos, 36, from Goa, had been arrested on December 21, 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-percent return on their investments.

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 50 million dirhams 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.

Author
Ashraf Jamal
Ashraf Jamal – Senior Writer

Ashraf Jamal brings a rare depth to writing equipped with a degree in journalism, a postgraduate degree in political science, and a degree in law from the Allahabad University. His experience includes editing and publishing the Northern India Patrika and writing for Times of India for almost a decade covering just about any topic under the sun including NRIs and Indian diaspora.

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