Two north-west businesses have been wound up by the High Court after convincing 209 people to put total pension savings of just under £12m into a fraudulent investment scheme.
The victims were encouraged to take a loan from Windermere-based G Loans Ltd on condition that they used their pensions to buy shares in the Liverpool-based firm, KJK Investments Ltd. They were promised annual returns of 6% and led to believe this would be sufficient to repay their loans, which came to just over half the amount they invested at £6.3m, from their pension income in retirement. However, KJK Investments Ltd was handing over the funds on uncommercial terms to G Loans Ltd so that it could loan this money back to its investors without their knowledge. The loans were stru...
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