UK: Two Men Face Charges in £5M Gambling Investment Fraud

Scams and fraudulent activities are not uncommon in the gambling sector. While in some cases, operators without a license can get access to data belonging to their customers, along with funds, and abuse them, in others, people are lured into different schemes that offer solid returns in a short period.

Undoubtedly, everyone looking to invest wants to see a quick return, but it is often that organizations that make such promises turn out to be elaborate fraudulent schemes. This is precisely the case involving two men, suspected of being involved in a £5 million ($6.3 million) gambling investment scam.

The case involves a 33-year-old man from Wingham identified with the initials N.B., as well as a 61-year-old Crystal Palace resident with the initials P.N., as announced by the local news outlet ITV. The two men are suspected of being involved in an elaborate gambling investment fraud.

Back in December 2020, law enforcement executed search warrants which resulted in the arrest of the two individuals. A number of locations were searched at the time, including an office location in Folkestone. According to the recent media report, the two men are suspected of operating through Apex Algorithms and have victims not only in the UK but also abroad.

The Duo Allegedly Falsified Reports, Defrauded 130 Investors

Currently, N.B. and P.N. are out on bail. The two men are set to appear on May 10 in front of the Maidstone Magistrates’ Court. Currently, each of the men faces several criminal charges.

Each of them is charged with money laundering, conducting the business of a company with the intent to defraud creditors, fraud by false representation and conspiracy to defraud. Still, it is important to mention that charges are merely accusations before proven beyond a reasonable doubt in a court of law.

The arrest and subsequent charges against the two men come after an extensive investigation. It is suspected that the duo defrauded a minimum of 130 investors. The alleged criminal activities were conducted between July 2017 and May 2021.

Allegedly, the two men produced reports with falsified information such as profits and returns in an effort to lure more people into the scheme. The two also are suspected of advertising the gambling investment scam.

It is yet to be confirmed what penalties each person may face in light of the offenses.