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Dubai arrests Indian businessman for alleged fraud

DUBAI: The Indian owner of a Dubai-based foreign exchange trading firm who had promised to double investors' money has been arrested in the emirate for suspected fraud, a newspaper reported Tuesday. Sydney Lemos, 36, from Goa, had been arrested on December 21, The National reported, saying he was behind the failed investment scheme worth 50 million dirhams ($13.6 million). His firm, Exential Group, was closed by Dubai authorities in July, the daily said, adding that clients lost millions of dirhams when the group…