Serious Fraud Office in £20m investment fund probe
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Serious Fraud Office probes fund promising a guaranteed return of 20 per cent a year.
A search warrant was issued earlier today, with the assistance of Surrey Police, on a commercial property in Surrey. No-one was arrested.
The £20m fund called Gilher Inc targeted British nationals and other expatriates resident in Mallorca. There were also investors in France, the USA and the UK. The fund was offering a guaranteed return of 20 per cent a year.
This investigation arose out of a complaint from a member of the public.
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Readers' comments (16)
Najmudean Bhaiji | 13 Nov 2009 4:40 pm
|Can you please give in depth details of this transaction.
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Anonymous | 13 Nov 2009 4:41 pm
20% a year, how gullible can some people be!
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michael brayne | 13 Nov 2009 4:46 pm
Any one who believes 20% pa deserved to be ripped off! How stupid can you get?
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Anonymous | 13 Nov 2009 4:51 pm
You would think people would suspect something after the Madoff scam with promises like that!
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Fraser | 13 Nov 2009 4:51 pm
there is one born every minute, i mean 20%, how stupid can you be.......deserve to lose the money if they are that greedy...
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Anonymous | 13 Nov 2009 4:57 pm
2% a year would have been suspicious during parts of the last 12 months !
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Stephen | 13 Nov 2009 4:59 pm
it would be interesting to know what company in Surrey as one is based in Surrey, these cowboys do know how to make it tough for us honest advisers.
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stephen | 13 Nov 2009 5:02 pm
whoops please ignore last comment, just realised my error... however on the note of the Fraud Investigation, well whooops and that was silly and greedy...
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Rod leonard | 13 Nov 2009 5:10 pm
Who in their right mind would invest in a fund guaranteeing 20% each year?
How could it be marketed without questions being raised?
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Peter Herd | 13 Nov 2009 5:19 pm
Yes 20% you would think people would smell a rat but what about guaranteed bonds offered by banks offering capital guarantees like Leamon Brothers. I think the word guaranteed should be banned and maybe scams like this would find it a lot harder to attract business. It also begs the question what is the FSA been doing in regulating and monitoring this type of company.
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