Dubai Arrests Indian Businessman For Alleged Fraud
Muhammad Rameez 4 years ago Tue 03rd January 2017 | 04:45 PM
DUBAI, Jan 3, (APP - UrduPoint / Pakistan Point News - 03rd Jan, 2017 ) - 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 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 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.