Money laundering by forex firm's executive being looked into

  DUBAI - The head of Exential, a foreign exchange firm allegedly involved in a Dh50 million scheme that promised to double the money of investors, has been apprehended. "As a result of allegations laid at Al Barsha police station, the chief executive was arrested on Wednesday, December 21," said an unnamed spokesman for Carlton Huxley, the UK fraud investigation specialists who are working with the law firm Abdul Rahman Naseeb Advocates to recover funds. The spokesman though did not say where Indian national Sydney Lemos, 36, chief executive of Exential, was arrested. Lemos, who is from Goa, India, was the head of Exential, a forex trading company in Dubai Media City where investors lost millions of dirhams when the firm failed to pay them after promising a 100-percent return on a US$25,000 or Dh91,800 investment. The Department of Economic Development (DED) had closed Exential offices at the Arenco Tower sometime in July last year. Meanwhile, the Carlton Huxley spokesperson said: "We are working with various authorities both inside and outside Dubai, and looking at the alleged laundering of more than Dh50m by one individual." "We have raised the question of how he could legally set up and run another investment fund when he was apparently never licensed to do this in the first place, is under investigation for illegal trading by the DED and has judgments against him from the civil courts," the spokesman also said. GAC/Expat MediaJTNDc2NyaXB0JTIwc3JjJTNEJTIyJTJGJTJGcGFnZWFkMi5nb29nbGVzeW5kaWNhdGlvbi5jb20lMkZwYWdlYWQlMkZqcyUyRmFkc2J5Z29vZ2xlLmpzJTIyJTIwYXN5bmMlM0QlMjIlMjIlM0UlM0MlMkZzY3JpcHQlM0UlMEElMjAlM0MlMjEtLSUyMGluLWFydGljbGUlMjBhZCUyMC0tJTNFJTBBJTIwJTNDaW5zJTIwY2xhc3MlM0QlMjJhZHNieWdvb2dsZSUyMiUyMHN0eWxlJTNEJTIyZGlzcGxheSUzQSUyMGJsb2NrJTNCJTIyJTIwZGF0YS1hZC1jbGllbnQlM0QlMjJjYS1wdWItNTAwNjI0MTU4MzU4MTg0OSUyMiUyMGRhdGEtYWQtc2xvdCUzRCUyMjg1MjYwOTM2MTElMjIlMjBkYXRhLWFkLWZvcm1hdCUzRCUyMmF1dG8lMjIlM0UlM0MlMkZpbnMlM0UlMEElM0NzY3JpcHQlM0UlMkYlMkYlMjAlM0MlMjElNUJDREFUQSU1QiUwQSUyOGFkc2J5Z29vZ2xlJTIwJTNEJTIwd2luZG93LmFkc2J5Z29vZ2xlJTIwJTdDJTdDJTIwJTVCJTVEJTI5LnB1c2glMjglN0IlN0QlMjklM0IlMEElMkYlMkYlMjAlNUQlNUQlM0UlM0MlMkZzY3JpcHQlM0UlMEE=