Proceeds of Crime news 21/07/09 Alleged Ponzi clients disbelieve money laundering charges

Despite having arrested three people on charges of fraud and money laundering offences, police officers are reported to be struggling to convince victims of the crime that they are, indeed, victims.

Whilst some of the clients of Business Consulting International (BCI) have been declared bankrupt, or have lost their homes, a number still refuse to believe the allegations of fraud. A City of London Police spokesperson said, Some of the victims point-blank refuse to believe that they may have been victims of a crime... Even though [the suspects] have been arrested and we have searched their homes and offices and closed them down, the victims still do not believe anything is wrong.

According to the Times, the Knightsbridge-based firm is accused of operating an £80 million Ponzi scheme involving approximately 700 clients, including celebrities. Fraud squad officers are attempting to reclaim the proceeds of crime from international bank accounts, and have seized high-value items including jewellery, cash and sports cars already.

The three men arrested were questioned on suspicion of fraud by misrepresentation, conspiracy to defraud and money laundering. Each has been released on bail.

News « Money laundering news - Fraud victims still hope for return

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