Herald: Valany escapes to Goa, but guarantor stuck in Dubai
Herald News

Valany escapes to Goa, but guarantor stuck in Dubai

14 Apr 2018 06:26am IST

Report by
BASURI DESAI

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14 Apr 2018 06:26am IST

Report by
BASURI DESAI

Sydney Lemos’ wife deposited nephew’s passport with Dubai police to allow her to fly to Goa; Two others from Goa working for Lemos also stuck in Dubai

PANJIM: Valany Lemos, wife of Sydney Lemos, escaped from the UAE but the guarantor before the police is stuck in Dubai as he deposited his passport to let her fly to Goa. 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 for 513 cases and two years in jail for the remaining two cases as per media reports.

A close aide of Sydney in Dubai Media City informed Herald that Valany’s passport was also seized during the course of investigation in Dubai but she kept her nephew as a guarantor and deposited his passport before the police and managed to fly to Goa. 

He said there are two other boys from Goa who were working for Lemos who are stuck in Dubai because of the case. “We never thought that Syndey would dupe us. Because of him three fellow Goans are stuck here and four others, who are currently in Goa, are wanted,” he said.     

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

It is also learnt that many politicians and businessmen have invested in the company. The source said that a couple of them were frequently seen with Sydney at social gatherings and high end parties. “I have seen well-known businessmen from Goa at his parties on a private jet,” he said, but didn’t give details.

He also said that besides politicians and businessmen, many Goans, as well as Goans abroad, had invested in the company and are in deep shock. “I lost Rs 1 crore. I know that people had even invested in the company by borrowing from banks in view of the promised earnings,” he said, and added that none of the Goans thought that Sydney would dupe them. 

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