Jail Time

Jail Time

At IYE Global we always tell our clients that in any investigation we undertake, wherever and whenever we find evidence of criminality it is immediately reported to the relevant lawful authorities. One of our most recent cases resulted in arrests being made in both South and North America. In both cases, the individuals were working for banks.

Whenever IYE Global undertake an investigation into an investment, we ensure that alongside the hard and soft due diligence we also provide feedback on intelligence gathering that may directly or obliquely involve those involved.

A perfect example of an investment we would have told clients to avoid at all costs was a ‘Healthcare Investment Scheme’ which took in £1.4 million of investors money before the four men behind it were jailed.

The Financial Conduct Authority found that between 2009 and 2014, mainly elderly and vulnerable investors were targeted and mis-sold shares in Symbiosis Healthcare plc (‘Symbiosis’) through a combination of cold-calling, pressure sales and the publication of exaggerated promotional material. Symbiosis was set up by Dr Aleem Mirza and purported to be a successful company offering ‘healthcare solutions’ in Dubai and elsewhere in the world. In reality, the shares in the company were effectively worthless and investors lost a total of just over £1.4 million in the scheme. Samrat Bhandari, as director of William Albert Securities Ltd, acted as corporate advisor to Symbiosis and organised the selling of Symbiosis shares, while brothers Michael and Paul Moore were part of a team of brokers.

Dr Muhammad Aleem Mirza was handed a 15-month jail term and disqualified as a director for eight years.

Meanwhile, Michael Moore was sentenced to 15 months imprisonment and his brother Paul Moore was given a nine-month term.

The brothers are already serving seven years’ imprisonment resulting from their involvement in a separate investment scheme. The pair had both previously been disqualified from holding the position of director for 10 years.

Samrat Bhandari, who played a prime role in the operation of the scheme which led to investors losing just over £1.4 million, was sentenced to a total of 3½ years’ imprisonment. He was also disqualified from holding the position of director for 12 years.

In this case warning flags would have been present for at least two of the individuals involved, which would on its own have been enough for us to class this as a Do Not Proceed file.

If you are considering an investment and would like it checked properly, please contact us on +44 ‍(0)20 8914 ‍7923 or use the online contact form on the IYE Global website