Dubai court’s verdict has been given against the two Indian men who have been held guilty of duping thousands of investors in a $200 million fraud case
The Hush Post: In an extraordinary case, a court in Dubai has given a 517-year sentence each to two Indians after convicting them in a $200 million (Rs 13 billion) fraud case.
The verdict has been pronounced by the Dubai misdemeanours court. The convicted men include Sydney Lemos, who is 37-year-old and his senior accounts specialist Ryan D’Souza, who is 25-year-old. Both the convicted men are residents of the Goa in western India. Lemos’s wife, who is currently absconding, has been given the same sentence, a Dubai-based newspaper Gulf News reported.
It has been reported by the daily that Sydney Lemos, his wife Valany, and Ryan D’Souza had lured several investors by offering them 120 per cent annual returns on a minimum investment of $25,000 (over Rs 16 lakh in Indian currency) through Lemos’ company Exential.
The news report stated that the accused had disguised a fake scheme as a legitimate foreign currency trading programme and several people. Initially, the company got profits but later it started incurring losses, when the Dubai Economic Department shut down the company’s offices in July 2016.
Lemos was arrested in December 2016. He is a junior football player and was the sponsor of FC Goa club in 2015. He was later let out on bail. Lemos was again arrested in last year in January. Meanwhile his wife Valany managed to flee to to Goa. Ryan D’Souza was also arrested in 2017 in Dubai.
The duo will be sent to Dubai Central Prison in Al Awir and will serve a year each for more than 500 criminal cases, the news report said.