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Man arrested on suspicion of setting up a square mile ‘boiler room’

  • Man arrested after alleged boiler room was set-up on Old Broad Street

  • Salespeople were allegedly phoning victims and getting them to invest in a crypto currency.

  • Victims have reported a total loss of £160,000

 

Yesterday (10 August 2017) a man was arrested on suspicion of conspiracy to defraud and money laundering.

The man is thought to be part of a group which allegedly set-up a ‘boiler room’ on Old Broad Street (EC2) which has allegedly been used to persuade people to invest in a crypto currency.

Detectives from the City of London Police’s Fraud Squad made the arrest at 6.30am at the man’s home address in Oaktree Gardens, London

The investigation began after reports were made to Action Fraud, the national fraud and cyber crime reporting service.

So far, nine reports have been made to Action Fraud with a total loss to victims estimated to be £160,000.

Victims were cold called by salespeople who allegedly persuaded them to invest in a crypto currency which does not exist and is therefore worthless.

Detectives have been in contact with the victims of the company.

City of London Police Detective Inspector Mark Forster said:

“Investment fraudsters are still targeting people throughout the country and they employ aggressive sales tactics which are often used to pressurise unsuspecting victims into parting with large sums of money.

“These people often base themselves in the City as they believe having an address in a prestigious financial district will help to legitimise their fraud.

“I urge anyone who is cold called and offered investment opportunities to simply put the phone down – a legitimate company will never cold call you and put you in a position where you need to make an investment on the spot.”



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