Investments  

Detectives seek Gurkha fraud victims

Detectives seek Gurkha fraud victims

Detectives are holding briefings at military bases in an attempt to contact serving Gurkhas who may have fallen victim to investment fraud.

As part of an ongoing investigation into the Capital World Market managed fund, offering 5 per cent interest a month, the City of London Police has already sent letters to 60 members of the UK Gurkha and Nepalese community urging them to get in contact.

According to City of London Police, the number of people affected from this community could run into the hundreds.

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Earlier this year, 10 men and three women working at a City-based foreign exchange trading firm were arrested on suspicion of fraud by false representation and money laundering.

The suspects were questioned and then released on bail until September.

Detectives also seized computers and documents.

City of London Police detective chief inspector David Manley said he was keen to hear from members of the Gurkha and Nepalese community who had put money into the fund.

Investors can contact the police investigation team on 0207 6016830 or www.actionfraud.police.uk.

Background

In September 2013, Gordon Ede, partner of Hampshire-based GDC Associates, claimed Gurkha soldiers, including some Afghan veterans, were facing significant hurdles in getting access to financial services such as mortgages.

He cited five mortgage applications for servicemen in Aldershot, in which the applicants faced several conditions about how they had accumulated funds for deposits.