A gambling investment scam based in Folkestone which is alleged to have defrauded victims out of more than £5 million has seen two men charged.
It is reported between July 2017 and May 2021, at least 130 investors from the UK and abroad put money into a complex online betting process called Apex Algorithms.
Detectives have been investigating claims that falsified information was used to advertise the scheme including inaccurate forecasts of potential and actual profits, and that victims also received false returns. In December 2020, arrests were made after search warrants were executed at locations including an office premises in Folkestone.
Following a lengthy investigation by the Kent and Essex Serious Crime Directorate, a 33-year-old man from Wingham, near Canterbury, and a man aged 61 from Crystal Palace, London, have now both been charged with conspiracy to defraud, fraud by false representation, and an offence of carrying on business of a company with intent to defraud creditors for other fraudulent purpose. They are further charged with money laundering.
The pair have been bailed to appear before Maidstone Magistrates’ Court on 10 May 2024.