Headline

Dubai Court: Goan frauds get 500 years in prison for running ponzi scheme

Dubai Court: Goan frauds get 500 years in prison for running ponzi scheme: Well, Sydney Lemos along with his senior accounts specialist Ryan de Souza get 500 years sentenced because of Goan Fraud. Yes! You are reading it right they are going to get 500 years in prison by a Dubai court on Sunday for the $200 million Exential scam. Also, they cheated on a lot of people and that’s great. You all should know that Lemos (37) and 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.

Dubai Court: Goan frauds get 500 years in prison for running ponzi scheme

Sources are saying that the company paid profits initially but stopped paying investors after the scheme collapsed in March 2016. Also, the sources are saying that the Dubai Economic Department shut down the company’s offices in July 2016 and all the investors filed the FIR against Lemos’s wife, Valley Cardozo, for illegally entering the sealed office in December last year and taking out documents.

Also, if we talk about the past then you all should know that in 2015 his company became the principal sponsor of FC Goa, the Goan franchise in the Indian Super League. Also, he was connected once with Sachin Tendulkar, Abhishek Bachchan, and Ranbir Kapoor, all of whom are associated with the cashrich league. Even, in a five-second personal video recorded by Brazil superstar Neymar for Valany that takes the cake.

Also, the reports are coming that “The only reason he got convicted is that of the number of complaints (513 cases) filed against him,” she said, adding she had not given up hope. Many investors, like a Goan working in Dubai, believe Valany’s story despite losing their hard-earned money. Overall, it is huge prison sentenced and that’s really going to affect a lot of people for sure.8