Police ask for Nant records

DETECTIVES have written to Nant whisky barrel investors seeking financial records after launching a criminal investigation into the scheme.

There are fears millions of dollars invested in the barrel scheme, set up by Nant founder and bankrupt Keith Batt, could have been lost because more than 700 barrels sold to investors allegedly do not exist.

Before its whisky business fell into receivership this year, Nant companies invited people to invest in barrels of the spirit through 13 different investment schemes.

Investors were promised a return of 9.55 per cent a year until maturation, compounded over four years.

Towards the end of the maturation period stories emerged of investors struggling to get either their whisky or financial return back.

Australian Whisky Holdings bought the distillery at Nant Estate, Bothwell, this year and has taken over management of the barrel investment scheme.

After an audit of the barrels Australian Whisky Holdings alleged many of the barrels investors paid for were not filled, or did not exist, or had been had been decanted and bottled with the proceeds sold — but barrel investors had not been paid

Tasmania Police received complaints about the scheme and launched a criminal probe into the allegations.

The fraud squad is pouring over masses of information to untangle a complex web and the investigation is expected to be considerably lengthy.

Police believe the people who have so far made complaints may not yet reflect the actual number of potential victims.

In an email to investors Detective Sergeant Jim Ansell asked people to supply documentation including barrel ownership certification, invoices by Nant Barrel Holdings and other material.

“From the outset, I must clearly state that I am not suggesting that you have been a victim of any fraudulent action, rather, I am simply seeking your assistance in our investigation,” he said in an email obtained by the Mercury.

“Given the volume of potentially affected parties, I would request that for ease, all communication be via email.”