Guwahati/ 11th April’2018 (Prag News Desk):
Sydney Lemos, a businessman hailing from Goa, India, has been sentenced to 500 years in prison in Dubai over an alleged $200 million Exential scam. Lemos (37) along with his associate Ryan de Souza (25) were convicted of duping thousands of investors in a Ponzi scheme that offered investors 120% annual returns on a minimum investment of $25,000.
Sydney Lemos and his senior accounts specialist Ryan de Souza were convicted on Sunday for 500 years in Dubai prison over the multi-million scam, had close connections with who’s who from the sporting fraternity.
Sydney Lemos was the owner of the Exential Company which duped thousands of investors in a Ponzi scheme that offered investors 120% annual returns on a minimum investment of $25,000 through his company. The company was paying profits initially built stopped paying its investors after 2016 when the company collapsed and closed down its services. The Dubai Economic Department came to know about their illegal work and shut down their offices in July 2016.
A case has also been registered against Lemos’s wife, Valany Cardozo for illegally entering the sealed premises of Exential Company in December, 2017 and trying to take out some confidential documents of the Company.
Lemos has been seen rubbing shoulders with many sporting biggies and he came into prominence in 2015 when his company, FC Prime Markets (FC denoting forex and commodities) became the principal sponsor of FC Goa, the Goan Franchise in the Indian Super League.
Sydney Lemos was always seen sitting in the front row, VIP seat of Indian Football League matches in the pavilion and had close associations with Sachin Tendulkar, Abhishek Bachchan and Ranbir Kapoor.
Lemos and Ryan were also introduced to footballer’s biggest names, like Zico, and even Ronaldinho, to who they were introduced at VIP Room, a popular nightclub in Dubai renowned for its celebrity clientele.