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police Officers in officeMultiple arrests made after raiding a suspected boiler room

Force launch Square Mile operation to target suspected boiler rooms

City of London Police, supported by Trading Standards, have made multiple arrests after raiding a suspected boiler room being operated by the self-proclaimed (and misspelt) ‘Wolfs of Liverpool Street’.

Such groups set themselves up in offices around the Square Mile from where they are believed to be cold-calling people around the country, with a particular focus on vulnerable victims, selling overvalued commodities and misrepresenting their future potential.

The morning arrests form part of a relentless pursuit by the City of London Police, which is the National Policing Lead for Fraud, against suspected City-based boiler rooms in order to stop this activity at the soonest possible opportunity to protect citizens and provide the best chance to seize assets on behalf of those who have been unfortunate enough to be victims

Operation Broadway‘s early intervention tactics are based on a range of intelligence gathering techniques and are expected to lead to several more raids in the coming weeks.

The five men arrested on suspicion of conspiracy to commit fraud by false representation and money laundering were held at a City of London Police station for interview as the investigation continues. Action Fraud reports reveal that a number of investors may already have lost tens of thousands of pounds.

Detective Chief Inspector Dave Manley, from the City of London Police, who is heading up Operation Broadway, said:

“In recent months we are finding evidence of boiler rooms creeping back into the City. This could be partly a result of the success we’ve had in shutting down these types of operations overseas and partly down to the fact that having a fancy office in the Square Mile makes it easier for the gangs to recruit.

“Whatever the reason the City of London Police will not tolerate their existence and is committed to acting quickly to limit the harm they can cause to investors, especially the elderly and vulnerable, living across the UK.

Anyone who thinks they have fallen victim to an investment fraud should report to Action Fraud on 0300 123 2040 or ​​