The Indian owner of Exential Group, a forex trading company in Dubai, has reportedly been arrested for running a $13.63 million (AED50 million) foreign exchange trading scheme, according to a news report.
In July 2016, the Department of Economic Development (DED) officials closed company office in Dubai Media City, ordering it to cease trading.
The move was taken after customers claimed they did not receive returns owed to them for several months. Exential reportedly promised to “double” an investment of $25,000 (Dh91,800) through trading.
“As a result of allegations laid at Al Barsha police station the chief executive [Sydney Lemos] was arrested on Wednesday, December 21,” a spokesman for Carlton Huxley, the UK fraud investigation specialists who are working with the law firm Abdul Rahman Naseeb Advocates to recover funds, told the National.
The legal experts claimed they were working with various authorities within and outside Dubai, and were investigating the alleged laundering of over AED50 million.
John Rynne, a Carlton Huxley director, said they were working with Australian and British Virgin Islands authorities on the matter and will be reporting their findings with Dubai CID.
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