The UK's Financial Conduct Authority (FCA) is alleging four individuals defrauded investors out of approximately £1.4m over a two year period using investment schemes that were not genuine.
The regulator today (5 April) confirmed the investment schemes were with Astaria Group, CCX Capital, and two unauthorised clone firms - one of Capital Partners Group and one of Ian Buckley Financial Services.
Between 1 February 2017 and 19 June 2019, the FCA alleges that Raymondip Bedi, Patrick Mavanga, Nicholas Harper and Rowena Bedi persuaded victims to invest their money with these four firms.
It also said the group carried out a regulated activity without authorisation and were in possession of criminal property, including £78,500 of cash.
The watchdog has alleged that Mavanga was in possession of a number of identification documents belonging to others and that he perverted the course of justice by deleting various telephone recordings.
Two of the defendants were remanded in custody and two are on conditional bail ahead of an appearance at Southwark Crown Court on 2 May.
The FCA said the Metropolitan police had provided "significant assistance" with its operation.
