A couple of weeks after the CWM debacle began, the City of London Police issued an official announcement outlining that a number of members from the UK Gurkha and Nepalese communities could be majorly impacted by a fraudulent scheme.
Authorities have been investigating a CWM (Capital World Market) managed fund which is offering a whopping return totaling 5 percent per month. The City of London Police has sent out letters asking members of the Gurkha and Nepalese communities to get in touch with information if they have been solicited into investing in the above-mentioned managed fund.
The detectives working on the case have uncovered the names of the investors whilst working on the CWM case which unfolded earlier this year in March. In the opinion of the police, the investors in the managed fund have most likely fallen victims of a major investment scheme.
While only 60 letters have been sent out so far, the real figure could turn out to be much bigger as authorities believe that hundreds of members of the Gurkha and Nepalese communities could have been affected.
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Detectives from the City of London Police will be conducting briefings at military bases aiming to identify Gurkha servicemen and convince them to admit to have invested money in the CWM 5% scheme.
Back in March, the City of London Police raided the offices of CWM at the Heron Tower and arrested ten men and three women, who at the time worked at the foreign exchange brokerage arm of CWM.
The arrests were made on suspicion of fraud by false representation and money laundering, backed up with material evidence consisting of computers and documents. All suspects have been released after questioning until September.
Commenting on the announcement, the City of London Police Detective Chief Inspector David Manley said, “We are now very keen to hear from members of the Gurkha and Nepalese community who have put money into CWM’s managed fund that was offering a 5% return per month. Anyone who gets in contact will be dealt with sensitively and the information they share will be handled in complete confidence.”