The East London firm was wound up in the public interest in the High Court last month before Deputy Judge Shaffer. The Official Receiver has been appointed liquidator of the company.

The court heard that Global Wine Exchange offered members of the public the opportunity to invest in fine wines with the promise of significant returns.

But the Insolvency Service investigated the company’s activities after receiving complaints. Investigators found that the company would cold call potential clients, using high-pressure sales techniques. Several customers were vulnerable or elderly and one was reportedly suffering from Alzheimer’s.

Global Wine Exchange also targeted people who had previously invested in a separate wine scheme with Management & Consulting Partners Unlimited, trading as the Bordeaux Wine Company, which had entered liquidation in August 2021.

Global Wine Exchange would tell former customers of the Bordeaux Wine Company that they could help recover their funds in return for a fee.

But returns were never made, and some customers reported they were asked to falsify records so Global Wine Exchange could make a false claim to the liquidator of Bordeaux Wine Company.

Further misconduct by the company included “vague” ownership certificates and customers often not receiving their wine or being misinformed about where it was being stored. Two of the three bonded warehouses, in which the company claimed customers’ wines was stored, never had a contractual relationship with the company at any time.

Customers often paid more than the retail value of the wines and paid funds into a series of different bank accounts, including some of which were not in the company’s name.

Investigators have only been able to identify wine stock purchases of just over £770,000 compared with income of more than £1.9m between January 2019 and March 2021.

The Insolvency Service also found that during a nine-month period between July 2019 and May 2020, the company received more than £1m in payments. But while close to £600,000 was paid out to the director and sales consultants, only £333,000 was used to purchase wine.

Edna Okhiria, chief investigator for the Insolvency Service, said: “During our investigations, we found that the Global Wine Exchange carried out unscrupulous acts of misconduct. The company misled many investors, some who were elderly or vulnerable, who did not receive the high returns they were promised.

“The courts have recognised the severity of Global Wine Exchange’s action and put a stop to anyone else becoming a victim of their investment scheme.”