Two fraudsters, who posed as agents for a multi-millionaire Arab sheikh in a $58m property deal to scam three South African businessmen, have been jailed for two years each.
The property developers, who had jetted to the U.K. seeking investment for a huge ranch project, became suspicious when asked for a £35,000 cash deposit and tipped off police.
Nigerians Chukwuma Emetu, 34, (pic.l) and Ifeanyichkwu Kalu, 34, (pic.r) 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.
They were arrested when City of London police suddenly burst in on a Canary Wharf meeting the fraudsters had arranged to exchange the bogus bond for cash.
They were jailed at the Old Bailey after City of London Magistrates’ Court committed the pair in custody for sentencing.
The victims had published their proposal and were seeking investment of $58m when contacted by the defendants, who claimed they represented Sheikh Mohammed of Qatar and a London meeting arranged.
They had employed false names and identities in a bid to convince the businessmen they were working on behalf of a middle-eastern venture capitalist.
The South-Africans arrived believing they were entering legitimate negotiations to sell 40% of their company.
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.
Detective Inspector Perry Stokes of the Economic Crime Directorate, said: “ This was a particularly audacious scam, which would have succeeded were it not for the awareness of the South African businessmen and the quick response from my team.
“What is most pleasing for me is it took only thirty-seven days from receiving the initial complaint to when these two criminals were sent to prison. This shows sophisticated fraud investigations do not always have to be lengthy enquiries
“Advances in communication methods mean fraudsters often target individuals from different nationalities living in different countries, however these criminals can be stopped and brought to justice by people staying vigilant and reporting their suspicions to the police.”
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