Overseas Property Focus
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| Added 17/12/09 | ||||
| Serious fraud office investigates Bulgarian property investment loan company |
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Three men, including an English Lord, have been charged with conspiracy to defraud, deception and money laundering offences involving properties in the country. The charges were made at the City of London Magistrates Court following police searches at 19 properties throughout England. The following were charged with money laundering, conspiracy to defraud and deception. Lord Edward Davenport, Martin Riley and David Horsfall will appear in court on 2 February 2010 at Southwark Crown Court, UK after their company Gresham Limited was alleged to be involved with serious property fraud. The investigation arose from complaints made by victims to the local Police and the UK Serious Fraud Office. As well as the UK, potential victims could also involve property investors in Austria, Turkey, Cyprus, Bulgaria, Italy, Romania, Dubai and others. The estimated value of the suspected fraud identified so far is approximately £12 m. Operating as Gresham Ltd the men allegedly offered commercial loans of up to £250m. It promoted its services by advertising in newspapers, magazines and on the internet. Applicants for loans were charged between £5,000 and £50,000 for a due diligence check, but the loans were never paid and the money was not refunded. UK investors can contact the UK Serious Fraud Office on 0207 239 7079. |
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