Saturday, 25 June 2022

Police arrest in suspected City boiler room fraud


LONDON Police has shut down a suspected boiler room scam, making one arrest.

This is the second such incident this month, following three arrests made at the start of August to shut down an alleged boiler room scam that involved selling investments in wine.

According to the police a man was arrested yesterday (10 August) on suspicion of conspiracy to defraud and money laundering.

The man is thought to be part of a group using an address at Old Broad Street in the City and were using the address to cold call to persuade people to invest in cryptocurrency.

A cryptocurrency is a means of exchange traded electronically, and while the prices of several such currencies have risen stoutly this year, they are not recognised by any central bank.

Detective Inspector Mark Forster said: “Investment fraudsters are still targeting people throughout the country and they employ aggressive sales tactics which are often used to pressurise unsuspecting victims into parting with large sums of money.

“These people often base themselves in the City as they believe having an address in a prestigious financial district will help to legitimise their fraud.

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