More skeletons tumble out as noose tightens around those behind Dh1. A Dubai court has ordered Exential chief Sydney Lemos and his companies to pay back a group of investors who lost their hard-earned money in a Dh1. We have got favourable judgements in 15 different cases, including one where the court has found Sydney guilty.
On January 3, , Valany flew to India and is now believed to be holed up in her hometown Goa. He was arrested at Dubai airport minutes before boarding a flight to India and is now in jail. Brokerage house under scanner In another related development, a brokerage house listed with the UAE Central Bank has come under the scanner for its alleged involvement in the multi-million dollar scam.
The brokerage house, now shut, has always tried to distance itself from Exential saying its name has been misused without its knowledge. However, a damning report submitted by a financial expert assigned by Dubai Court to look into the allegation suggests the two firms were closely linked. An ex-employer of the brokerage house said it shared a deep nexus with Exential. Exential piggybacked on the brokerage house to gain credibility.
In return, the brokerage took huge amounts of money for lending its name. It was a convenient arrangement. Enter a valid phone number. Please login first to post a comment. I acknowledged and accepted gulfnews. More from News Revealed: Model who tattooed her eyeball has bad news.
UAE denies Al Houthis' missile launch claims. Dubai Municipality dispels Pepsi rumour. Kuwait ready to host crucial GCC Summit. What Pakistani siblings gave to the police. Please upgrade your browser. Subscribe Gulf News Subscribe Now. Inside Out Subscribe Now. Jobs Autos Properties Classifieds. Anatomy of Exential's forex rip-off; court orders company to pay investors More skeletons tumble out as noose tightens around those behind Dh1. This field is required. Enter a valid email ID. Also In News Revealed: Framed Gallery In pictures:More...