Gurkha investors ‘may have fallen victim to £50m scam’
Hundreds of Gurkhas and members of the Nepalese community could have been victims of a £50 million scam.
Fraud investigators are now hoping members of the community will come forward if they have invested in the scheme.
The appeal comes from City of London Police, the national policing lead for fraud, and The Gurkha Welfare Trust after an investigation was launched in October 2014.
Police have been investigating CWM’s (Capital World Market) managed fund that offered returns of 5% interest per month.
Victims put their money into these schemes which are advertised as “get rich quick investment scams” but the fraudsters then siphon off the money for themselves.
Police think the majority of potential victims come from the Gurkha and Nepalese communities.
Det Ch Insp Dave Manley, from the City of London Police, said: “The evidence suggests that representatives of CWM targeted hundreds of members of the Gurkha and Nepalese community and then exploited them in order to defraud millions of pounds.
“The investigation is progressing well and my concern now is that the voices of the majority of victims will not be heard in the judicial process if they do not come forward very soon. They are also missing out on receiving the financial advice and psycho- logical support that is available to them at what will be a very difficult time.”
Nine months ago police arrested 10 men and three women from the City-based foreign exchange trading company on suspicion of fraud by false representation and money laundering.
All 13 have been released on bail after computers and documents were seized by detectives at the company’s offices in Heron Tower in the Square Mile.
If you or anyone you know suspect they might have been a victim of this fraud call the investigation team on 020 7601 6830, call Action Fraud on 0300 123 2040 or email email@example.com