Multiple 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 http://www.actionfraud.police.uk/