Sydney Lemos, a former Goan businessman, once enjoyed a lavish lifestyle and mingled with international football stars.However, his fortunes took a dramatic turn when he was arrested and sentenced to over 500 years in prison for orchestrating a massive Ponzi scheme in Dubai.
Rise to Prominence
Born in Mapusa, Goa, Lemos moved to Dubai and became the CEO of Exential Group, a foreign exchange trading firm.He gained significant attention in 2015 when his company became the principal sponsor of FC Goa, a prominent football club in the Indian Super League. This association with high-profile figures in the sports world bolstered his public image.
The Ponzi Scheme
Lemos promised investors annual returns of 120% on a minimum investment of $25,000 through his company, Exential.The scheme attracted thousands of investors, many of whom were working professionals in sectors like aviation and oil and gas. However, in 2016, the Dubai Economic Department shut down Exential’s offices after it failed to pay out promised returns. Investors lost over $200 million in total.
Legal Consequences
In April 2018, a Dubai court sentenced Lemos, along with his senior accounts specialist Ryan de Souza, to over 500 years in prison for duping thousands of investors. The court convicted them in 515 cases filed against them, sentencing them to one year in jail each in 513 cases and two years in jail for the remaining two cases. Lemos’s wife, Valany Cardozo, was sentenced in absentia and remains at large.
Lifestyle Before Downfall
Before his arrest, Lemos led an extravagant lifestyle, driving luxury cars like Ferraris and Maseratis, and residing in a villa in Dubai’s upscale Al Barsha area. He employed young Goan footballers, paying them salaries higher than those offered by forex companies in Dubai, and organized lavish parties and foreign trips for his staff.
Current Status
As of now, Lemos remains incarcerated in Dubai Central Prison. His wife, Valany, who was sentenced in absentia, has not been apprehended. The case serves as a cautionary tale about the risks of high-return investment schemes and the importance of regulatory oversight in financial markets.
