Team Herald
PANJIM: While Sydney Lemos’ 500 years of imprisonment in the $200 million Extential scam is well known, few know that he has been acquitted in two similar offences by the same Dubai court. Lemos, promoter of Exential Group, has now decided to approach the higher court in Dubai to appeal the sentence.
Information with Herald reveals that Lemos, his wife and co-accused Valany and senior accounts specialist Ryan De Souza were acquitted in two matters concerning alleged financial fraud/embezzlement worth millions.
The Lemos couple’s legal advisor in Goa Wilbur Menezes said the court, after examining the case, stressed on the lack of evidence – technical or otherwise – except for statements of the victim and letters sent through email that have not been verified. “Therefore, for lack of evidence, the Court ordered acquittal of the accused,” he said.
Speaking to Herald, Valany said that a person hailing from Gazaibad, who was one of Exential’s relationship managers is responsible for orchestrating the case.
“Sydney had reposed tremendous trust and faith in him, however, he had devious plans of destroying Sydney and Exential in order to set up a forex trading company himself. He conspired with two investors to artificially create panic among investors to try and spook Exential’s investor confidence so as to force them to withdraw their invested amounts and close accounts with Exential. Soon, he and his accomplices filed false complaints in 2016 with the Al Bashra Police, selectively targeting Sydney, myself and Ryan concerning the trading losses. Investors panicked and filed similar criminal complaints. Despite the complaints being filed, Lemos stayed in Dubai and was ready to confront any customer and clarify concerning the false information being spread,” Valany told Herald.
Valany further said she will fight not only for her husband but for the customers too.
Menezes explained that every investment is subject to market risk. “Sydeny was running a legitimate forex trading business wherein customers knew the risks involved. It is unfortunate that entities with hidden agendas have been able to sabotage a legitimate business. It is unheard-of for a fund manager to be arrested for managing his funds,” he told Herald.
