Specialist detectives secure convictions of multi-million pound fraud
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Detectives investigating a multi-million-pound fraud secure convictions for five people over a scam which conned hundreds of people over a total of more than £13 million.
In May 2017 officers from our Serious Economic Crime Unit were alerted to a property-related fraud when an investor reported they thought were a victim of fraud.
An investigation found more than 800 people had invested with Essex and London Properties Ltd (ELP), set up in 2015. They had each made payments ranging between £5,000 and £140,000 to the company.
ELP claimed to buy properties along the Cross Rail route running from London to Essex, which would then be refurbished and re-sold at a profit. But only one property was ever bought.
The fraud raised over £13 million from the investors.
In total seven men were charged.
Mohammed Tanveer, 33, of Coventry Road, Ilford, pled guilty to conspiracy to commit fraud and conspiracy to launder the proceeds of fraud.
Six others stood trial and after an 11 week trial at Southwark Crown Court and more than 34 hours of deliberations four of them were found guilty on Friday 22 April.
They are: • Abdul Mukith, 42, of Great Godfreys, Writtle guilty of conspiracy to commit fraud and conspiracy to launder; • Florian Pierini, 35, of Morley Road, Leytonstone, London guilty of conspiracy to launder; • Mohammad Hussain, 31, of Church Close, Kidlington, Oxfordshire guilty of conspiracy to launder; • Jeffrey Razaq, 60, of Gunton Cliff, Lowestoft, Suffolk, was guilty of acquiring criminal property.
Two men - Mitchell Mallin, 35, of Church Hill, Little Waltham and Anthony Whymark, 34, of Brooking House, Brentwood, Essex – were found not guilty of conspiracy to commit fraud and conspiracy to launder.
Sentencing will take place on 25 July.
Detective Constable Greig Avery, Serious Economic Crime Unit, said:
“These men went to exceptional lengths to add “credibility” to their Ponzi scheme and they used every boiler-room tactic they could think of to pretend it was an established, legitimate company and to shamelessly defraud hundreds of investors out of millions of pounds.
“This was a sophisticated scam which financially impacted a large number of victims and I’m incredibly proud that we’ve been able to stop them in their tracks and ensure that they answer for their crimes.”
A confiscation hearing under the Proceeds of Crime Act will be held in due course.
ELP was placed into liquidation as a result of a winding up petition in 2018.