PONZI SCHEMESTYLE FRAUD DETECTED IN THE UK

Updated: 07/22/2009 12:18
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According to the Telegraph newspaper report, police recently uncovered one of the UK's biggest Ponzi schemes. Thus, City of London Police reported

According to the Telegraph newspaper report, police recently uncovered one of the UK's biggest Ponzi schemes. Thus, City of London Police reported that around £80 billion ($132 million) fraud was convincing many of its 600 victims cannot recognize they have been scammed. The criminal investigation is focusing on Business Consulting International (BCI), a finance company based in the upscale London area of Knightsbridge and several related companies. As the paper stated, police currently suspects band of three men conducted a fraudulent and unregulated investment scheme offering returns of 6-13% a month for up to four years. They've been arrested and inquired on suspicion of conspiracy to defraud, money laundering and fraud by misrepresentation. It was also claimed that the dividends were generated by lending to struggling companies which were willing to pay high rates of interest on loans, however, in practice, the original investment funded the payments.The scheme was detected when clients alerted financial authorities after some payments were missed. So, the Financial Services Authority (FSA) looked into suspected regulatory breaches before handing the case over to the police. Police also reported that several victims have already lost their homes, declared bankruptcy or committed suicide. Officers have seized assets worth £1 million, as well as £250,000 cash and £800,000 worth of prestige cars but are racing to track down the missing money which is believed to be held in Dubai.

EcommerceJournal


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