Two fraudsters posed as agents for a multi-millionaire Arab sheikh in a $58m property deal to scam three South African businessmen who jetted into London’s Square Mile to clinch the deal.
The property developers, who were seeking investment for a huge ranch project, became suspicious when asked for a £35,000 cash deposit and tipped off police.
Nigerians Ifeanyichkwu Kalu, 34, and Chukwuma Emetu, 34, both of Parrock Street, Gravesend, Kent, pleaded guilty to dishonestly making a false representation to Bernhardt Richter on April 6 that an Old Mutual plc bond was genuine, with intent to make a gain.
“This was a planned and organised fraud,” prosecutor Mrs Varinder Hayre told City of London Magistrates’ Court (pictured).
The victims had published their proposal and were seeking investment of $58m when contacted by the defendants, who claimed they represented Sheikh Muhammad, and a meeting in the City was arranged.
As part of the deal the defendants demanded a £35,000 deposit, which would be invested in a bond issued by Old Mutual plc and given to the three businessmen.
The victims became suspicious at the meeting, held in an office available for hourly hire, and asked the men for id, but were refused.
Enquiries with Old Mutual plc revealed the bond was fraudulent and City of London police were contacted, arresting the defendants at a follow-up meeting, when they again hoped to get their hands on the cash.
The defendants were committed in custody for sentencing at the Old Bailey on May 13.
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