London trader pleads guilty to £600,000 investment fraud

Pedro Gonçalves
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London trader pleads guilty to £600,000 investment fraud

A trader has pleaded guilty to four charges brought against him by the Financial Conduct Authority for defrauding investors out of approximately £600,000.

Manraj Virdee has pleaded guilty at Southwark Crown Court to four charges, two of fraud, one of operating an illegal investment scheme and one of misleading consumers, for his role in running an unregulated and illegal deposit taking investment scheme.

He ran a company called Dynamic UK Trades Limited, and was arrested by officers of City of London police on November 30, 2017, following an initial investigation by the FCA.

The regulator said the product was marketed as an "investment package." Virdee was the sole director of the company, which aroused the suspicion of the FCA and City of London Police after consumers were ripped off.

He will be sentenced at an as yet unconfirmed date.