Herald: Majority of Goans among 4000 Indians duped in Dubai forex scam, say investors
Herald News

Majority of Goans among 4000 Indians duped in Dubai forex scam, say investors

16 Apr 2018 05:50am IST
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16 Apr 2018 05:50am IST

Investors seek assistance of Consulate General of India (CGI) in Dubai to begin the probe in India through a federal agency to recover the amount

BASURI DESAI

basuri@herald-goa.com


PANJIM: It is now emerging that 4000 of the 6000 investors who have been duped by Goan Sydney Lemos, in one of the largest international financial scams, could be Indians if the assessment of many victim investors is correct.

Around 6000 investors have been swindled by the Dubai-based Foreign Exchange (Forex) Trading Company, called Exential Tadawul ME through Sydney Marshal Agnelo Lemos and his wife Valany. Investors around 4000 are from India with a majority of them from Goa.

According to the investors, 4000 Indian families have lost their hard earned money which they have invested in Sydney’s forex company. The investors have now approached the Consulate General of India (CGI) in Dubai and sought the assistance to begin the probe in India through a federal agency to recover the amount.

“If she (Valany) is an Indian pleading for her husband, we too are Indians, who want our money back. There are over 4000 Indians who have been affected due to this, including me, who are still paying loans in this country,” said Amarsh Saradva, one of the investors.

Saradva, who has six active and three inactive accounts, said, “Since the last eight months various reminders, mails and calls have been made to CGI Dubai, Goa Police officers  and Ministry of Overseas Indian Affairs. But we have not received any satisfactory reply.”

“Last week, we again followed up with CGI Dubai, Vice Consulate Lima Mathew and her colleagues for an update on our complaint. As usual, we received no satisfactory reply from them”, Saradva said, who also represents 21 other Indian investors.

“CGI once again requested us to send a follow up reminder, without replying to our eight-month-old complaint to take up the matter with the Goa Police and External Affairs Ministry”, he said and added that they have also complained regarding the extradition of Valany to Dubai to pay their money.

“She is enjoying in Goa with our money or has transferred the same to some overseas account. We request the government and CBI to investigate”, he said.

Another investor Sandeep Gangarde said, “Of the 6000 affected families, over 4000 families are Indians, who have invested their hard earned money and have taken bank loans for investment. Therefore, all Indian families are struggling to recover these million dollars and have been running from pillar to post for the past one year. We have received no support from Indian Embassy-CGI as the complaint routed through them to Ministry of Indian Overseas Affairs, Delhi and Goa Police has failed to pay dividends. We lost our hard earned money.”

Sydney, a resident of Mapusa, was the chief executive of the forex trading company. Investors lost over USD 200 million when Exential failed to pay after promising 120 per cent returns on a USD 25,000 (Dirham 91,800) investment.

As per media reports, Sydney, Valany and Ryan D’Souza were convicted on April 8, by the Dubai Misdemeanours Court in 515 cases filed against them and were sentenced to one-year each in jail in the 513 cases and for two years each in jail in the remaining two cases.


Quote blurb

 

She is enjoying in Goa with our money or has transferred the same to some overseas account. If she (Valany Lemos) is an Indian pleading for her husband, we too are Indians, who want our money back. There are over 4000 Indians who have been affected due to this, including me

- Amarsh Saradva, duped investor to Herald

 

 



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