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Gang jailed over £3m investment scam

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29/05/2015
Fraudsters who made over £3m by selling fraudulent shares in gold mining and pharmaceutical companies have been jailed for a combined 25 years.

The gang were sentenced yesterday at Southwark Crown Court, following an investigation by the City of London Police. All five Nottingham men plead guilty to conspiracy to defraud and money laundering. Ringleader Abdul Khan received six years and nine months imprisonment; Rahim Karim five years and eight months; Anthony Baugh five years; Wasim Karim and Nadeem Amin four years each.

According to the City of London Police, over 100 people were tricked into purchasing worthless shares in the fictional companies Inca Pacific Gold and Mining and Dyno Medical.

Many would-be investors were retirees. One handed over £74,000, receiving a bottle of champagne and chocolates in return, along with a message wishing him a prosperous year. It is unclear at present whether those who fell victim to the scam will see their money returned, as the gang spent all their takings on property and luxury cars.

“The convictions and sentences of this callous criminal gang sends out a clear message to any likeminded people that the City of London Police will track them down and put them before the courts,” said Tony Larkin, detective constable and lead investigator for the City of London Police.

“I hope too that the numerous victims and their families in this case can now have some satisfaction from this outcome.”

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