Two Indian men and a woman have been sentenced to 517 years each in jail by a Dubai court for swindling thousands of people in a multi-million-dollar fraud case, the UAE media reported.
Sydney lemos, from Mapusa in north Goa, was the chief executive of Exential, a forex trading company in Dubai Media City. Investors lost over $200 million when Exential failed to pay out after promising 120 per cent returns on a $25,000 (Dirham 91,800) investment.
The accused—lemos, his wife Valany and Ryan D'Souza - were convicted on Sunday by the Dubai Misdemeanours Court in the 515 cases filed against them and were sentenced to one year in jail each in 513 cases and two years in jail for the remaining two cases, Gulf News reported.Dr Mohammad Hanafi, the presiding judge of the special bench, sentenced Valany in absentia. She remains at large.