India Abroad

Goan Sydney Lemos Accused In $200 Million Scam Sentenced To 500 Years Jail By Dubai Court

DIVYIA ASTHANA | 0
4052
| April 11 , 2018 , 14:58 IST

While India has been unable to locate jeweller Nirav Modi who scammed Punjab National Bank of $2 billion, a Dubai court has taken action against Goan Sydney Lemos accused in the $200 million Exential scam, sentencing him to more than 500 years in prison.

Lemos, 37, along with his senior accounts specialist, Ryan de Souza, 25, were convicted of duping thousands of investors in a Ponzi scheme that offered investors annual returns of 120 percent on a minimum investment of $25,000 through his company Exential.

ALSO READ: Indian-Origin Businessman Appointed CEO Of Dubai Gold and Commodities Exchange

Initially, the company paid profits but stopped paying its investors after the scheme collapsed in March 2016 and the company's offices were shut down by the Dubai Economic Department in July 2016.

Lemos's wife Valany Cardozo said that she has still not given up hope, despite the 500 year sentence.

“The only reason he got convicted is because of the number of complaints (513 cases) filed against him,” Cardozo said.

Cardozo also denied the allegations that they ran a Ponzi scheme, and said that they encountered a problem due to the closure of one of their bank accounts.  

ALSO READ: Indian-Origin 'Bombshell Bandit' Jailed For 66 Months

"It was a genuine problem and my husband promised to solve it. But the team leader in the company together with our competitors and some lawyers got together and brainwashed clients. They filed complaints and this kept escalating," claimed Cardozo.

A case has also been registered against Cardozo, for illegally entering the sealed office in December 2017 and taking out documents.

Lemon gained prominence in 2015 when his company FC Prime Markets became the principal sponsor of FC Goa, the Goan franchise in the Indian Super League of domestic football. He got easy access to famous personalities through his association with the league, including with Sachin Tendulkar, Abhishek Bachchan and Ranbir Kapoor and even international football icons such as Ronaldinho.