FCA charges sixth defendant over £2.75m fraud scheme
Following an investigation by the FCA, Charanjit Sandhu appeared today before the City of London Magistrates Court charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.
The FCA alleges the defendants were involved in the promotion of investment schemes relating to a purported commercial development in Madeira, in which 175 investors may have lost approximately £2.75 million.
The promotion and sale of shares were made through a succession of four alleged ‘boiler room’ companies, all of which traded from Docklands, London.
The FCA has already charged five other defendants as a result of the investigation in June 2016.
In a statement, the FCA said it cannot provide any further comment or information at this time.
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