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MEMP fraud case: Accused swindled Pais' money

BENGALURU: Investigations within the multi-crore monetary fraud reported through Manipal Education and Medical Group (MEMP) have taken a fascinating turn. A whopping $425,000 allegedly siphoned off from the corporate through main accused Sandeep Gururaj was once invested in a company run through Sydney Lemos, who has been jailed for over 500 years for operating a ponzi scheme in Dubai.

The hyperlink between Gururaj and Lemos came to the fore when Cubbon Park police, probing a grievance lodged through MEMG, stumbled upon WhatsApp conversations between the 2 between March and December 2016. Gururaj, 38, deputy basic supervisor of MEMG, was once arrested along side spouse Charusmita, 30, his pal Amritha Chengappa, 32, and the latter's mom Meera Chengappa, 59, through police in January 2019. Another accused, Vishal Somanna, is still at the run.

Gururaj were charged with moving funds from different financial institution accounts, together with the personal accounts of MEMG managing director Ranjan Pai and his spouse Shruti, to a few faux companies and financial institution accounts opened in overseas locations.

Investors had been promised annual returns up to 120%

MEMG suspected the magnitude of the monetary crime to be around Rs 62 crore, however later revised it to more than Rs 100 crore.

While monitoring the money path, it was once discovered Gururaj were interacting with Lemos, whose foreign exchange operation was once run below the banner ‘Exential’. A majority of those invested in Lemos corporate had been cabin group of various airways. “We suspect Gururaj

to have bumped into Lemos via Vishal Somanna, who labored as a pilot with Qatar Airways,” a police officer mentioned.

People could open an account with Exential with a $25,000 deposit and the money can be invested in foreign currency echange and traded in markets the use of algorithms. The investors had been promised annual returns up to120%.

“Gururaj had now not disclosed the investments made with Lemos while running at MEMG,” a police supply mentioned. In the WhatsApp conversations, Gururaj had pleaded with Lemos to go back the money and had made a couple of requests for scheduling a meeting. However, Lemos stored dodging him mentioning he was once preoccupied with meetings.

While keeping up that he was once looking ahead to funds from brokers, Lemos spoke back: “Bro, recently it’s now not imaginable to process even 5k. If it was once imaginable, I would have now not made u watch for 2 months. It’s now not that we've got money and we aren't paying out. With the place of job closed, now we have now not got a penny from the dealer. Result of place of job being closed.”

Gururaj had reportedly opened 17 financial institution accounts with deposits of Rs $25,000 every.

In April 2018, a Dubai court docket sentenced two Goans — 37-year-old Sydney Lemos and his senior accounts specialist 25-year-old Ryan de Souza — to over 500 years every in prison for duping thousands of investors in a $200-million scam. Lemos, a junior football participant who later subsidized FC Goa in 2015 and owned FC Bardez in Dubai, cheated investors out in their retirement and lifelong savings below a ponzi scheme disguised as a foreign exchange scheme.

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