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Experience:  30 years experience in business law and related topics such as employment law
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I have become victim of what I consider to be a major fraud

Resolved Question:

I have become victim of what I consider to be a major fraud and scam by a Gournsey bank employing/affiliating Financial Advisor in India Thailand Hong Kong etc.,. I was lured into remitting Over £600,000 to a Major Insurance company in Guernsey whose offices are in Ireland. Immediately after remittance of funds to the company in Guernsey, I realised that something was not right and demanded my sums be remitted back to UK. I was promised that this would be done but then the Guernsey based company states they received instructions from Financial Advisor to invest funds. The fund has gone into receivership and they say I should pursue Financial Advisors. What actions are open to me.
Submitted: 8 months ago.
Category: UK Law
Expert:  Jenny Mackenzie replied 8 months ago.

Jenny Mackenzie :

Hello my name is XXXXX XXXXX X am happy to help you today. Had you personally instructed the financial advisors to assist you with investing the funds?

Customer:

Initially, Yes. But between 22nd November and 29 November 2011, I begged the Financial Advisor to arrange for my funds to be remitted bank as I did not wish to invest even if my application which he had incorrectly filled had been accepted by Generali. While he confirmed in writing that he had arranged to have my funds remitted back, he, as I understand, instructed the company through another company based in Bangkok to invest in funds which were Capital protected, fully insured at 11.15% fixed interest. Generali says they never received the request for refunds and that the funds invested were not Capital protected.

Jenny Mackenzie :

where is the financial adviser based?

Customer:

The funds were remitted direct to Generali. The Financial Advisor is based in Delhi. Instructions to invest were withdrawn.

Customer:

The funds were remitted direct to Generali. The Financial Advisor is based in Delhi. Instructions to invest were withdrawn. Financial Advisor confirmed

Customer:

1) that he had passed on my instructions to remit my funds back and that he would monitor the position

Customer:

Can there be direct email correspondence and if so please let me know fee cost involved.

Jenny Mackenzie : Hello as the person is based outside of the UK I am not able to advise on mutijurisdictional matters, I will opt out to see if anyone else is able to help you.
Expert:  Senior Partner replied 8 months ago.
Thank you for your question. i think the other expert is probably correct that this is not a matter for english law. if you invested funds through an adviser in India then your recourse is against that advise under whatever financial services protection is available there. Even if you are based in the Uk you have no recourse to UK protection unless you dealt with a regulated company here. If the product was sold be Generali who as you say are a very well known insurer then you might have some claim through the regulator where they are based.
Senior Partner, Solicitor
Category: UK Law
Satisfied Customers: 13231
Experience: 30 years experience in business law and related topics such as employment law
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