Two firms involved in a wine investment scam have been wound up in the High Court after an investigation by the Insolvency Service.
Capital Bordeaux Investments targeted victims of previous wine investment companies and claimed it could assist them in recovering their losses, despite the firms having gone into liquidation.
Victims were persuaded to invest more money in wine through the company, but the investigation found the money was used for the owners’ own benefit.
A second company, Capital Bordeaux Investment Corporate, received the funds from investors through its bank account.
Its bank account shows receipts of £244,000, but the Insolvency Service says the scale of the losses could be greater. The number of victims is not yet known.
Both companies were wound up on 14 May.
Insolvency Service investigation supervisor Colin Cronin says: “These companies cynically targeted people who had already lost money in other wine investment scams and exploited their desire to try and recover some of their original investment.
“The companies were incapable of recovering such losses. None of the funds received from investors were used to buy wine and were instead used for the benefit of those in control of the companies.”