Middle EastWorld

Dubai arrests Indian businessman for fraud

Mr. Sukhvinder Singh ,CEO,FC Goa , Mandar Rao Desai , Lúcio ,Valany Lemos , Sydney Lemos, Chairman, FC Prime Markets , Mr. Dattaraj Salgaocar , co – promoter , FC Goa , Léo Moura , Beto Silva , Laxmikant Kattimani

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 yesterday. Sydney Lemos, 36, from Goa, had been arrested on Dec 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.

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