The investigation, which began in October 2014, centres on a City-based, foreign exchange trading company called Capital World Market (CWM) which promoted a fund that offered 5% interest per month.
Detective chief inspector Dave Manley, from the City of London Police, said evidence so far collected suggests that representatives of CWM targeted hundreds of members of the Gurkha and Nepalese community and then exploited them in order to defraud millions of pounds.
Victim appeal
The police said they have heard from some of the potential victims who had invested in the scheme but believe the net of potential victims spreads far wider, running into the hundreds, with the majority being from within the Gurkha and Nepalese community.
“The investigation is progressing well and my concern now is that the voices of the majority of victims will not be heard in the judicial process if they do not come forward very soon,” Manley said.
“They are also missing out on receiving the financial advice and psychological support that is available to them at what will be a very difficult time,” he added.
Arrests made
The appeal for more victims to come forward comes nine months after the City of London Police arrested ten men and three women, all of whom work at CWM, on suspicion of fraud by false representation and money laundering.
Detectives, supported by the Financial Conduct Authority, also seized a host of computers and documentary evidence. The 13 suspects were questioned and then released on bail until March. Another man has since been arrested and is also on bail.
Support offered
Gary Ghale, Gurkha welfare officer at The Gurkha Welfare Trust, added: “We would advise anyone who believes they have fallen victim to this suspected fraud to contact the City of London Police immediately. All those who come forward will be treated with care and dealt with in complete confidence by what is a highly trained team of detectives.
“The Trust is committed to supporting the ex-Gurkha community and we recommend approaching the police as the best course of action an affected individual can take.
“Their case will be treated with care and absolute confidence and they will be treated as victims and not as suspects. We believe it is in people’s best interest to come forward.”
