We were instructed by a Client who suspected that they may have been the victim of financial fraud.

They were approaching retirement, had a comfortable pension provision and investment portfolio and had recently invested funds with a new financial investment company which had promised market-beating rates of return.

Over subsequent months, they received regular communications illustrating substantial growth and offering opportunities to top-up their investment. They did this on two occasions; with increasingly larger sums each time.

Within a few months the investment had grown so large that the client decided to cash-out and bank their profit. It was at this point that things started to go wrong.

The company informed them that they could only withdraw their funds if they first invested one final significant sum of money. When they refused to do so, the company started to use threatening language. When the client refused all demands for further investment, the company claimed that the funds were not held in the UK, as previously stated, but that they were actually in the U.A.E and that because the account was in ‘in dispute’, it would be frozen pending an investigation by the Dubai Investment Authority. It was at this point we became involved.

We conducted an investigation into the company and key individuals and quickly ascertained that they were running an elaborate fraud. They had cloned the website of a legitimate financial firm and setup email accounts which mimicked the originals. By coaching our client and maintaining ongoing communication with the fraudsters, we were able to trace them to an address in the UK and provide a detailed report as to their activities.

The client was unwilling to pursue a prosecution due to the cost of doing so and poor likelihood of recovering their funds, however; they were able to use our report to enable them to write off their investment as a legitimate loss and offset it against their tax liability.