COPS are probing three firms over a scam which has seen victims lose millions investing in barrels of whisky.
It’s claimed hundreds of people were duped into ploughing their life savings into casks of malt in hopes their values would soar over time, a BBC Disclosure investigation found.
It’s claimed people were duped into ploughing their life savings into casks of malt[/caption]
Experts say the booze is worth a fraction of the price paid — while some backers claim their investments have been resold or do not exist.
One woman poured her nest egg into a scheme after being told returns could hit 50 percent while an NHS worker with terminal cancer sold her house to fund her buy-in.
Organised crime detectives at the City of London Police confirmed to the Scottish Sun that they were investigating the rogue investments.
Alison Cocks, from Montrose, told the BBC she raised the alarm after calls to cash out were ignored when she handed over £103,000 for four casks.
She said: “Suddenly they didn’t want to talk to me anymore.
“They were avoiding my calls.
“I was really panicking.
“I decided I would start investigating my own casks.
“On my certificates, it showed where my casks were, allegedly.
“When I actually contacted those warehouses, they weren’t there.”
Mrs Cocks invested an initial £3,000 with a company called Cask Whisky Ltd and was given access to an online portal where she could view the progress of her portfolio.
She says she was promised returns of up to 50 percent and was convinced to put in another £100,000.
Mrs Cocks managed to track down three of her four barrels but discovered none are in her name, while one had been bought by another investor.
The missing cask — which she bought for £49,500 — does not exist.
Independent scotch valuers say she paid five times more than what the drink is worth.
Mrs Cocks is one of 200 people who invested in Cask Whisky Ltd, which boasted of a multi-million pound turnover and doing business in Hong Kong, according to the BBC investigation.
NHS worker Jay Evans, 54, was diagnosed with terminal cancer four years ago and put her Brighton home on the market so she could invest £76,000 in seven casks with another business.
She said two do not exist and five had been sold at a cost much higher than what they were worth with the woman told it could take 25 years to recoup what she has paid.
Mrs Evans said: “They’ve made somebody who’s facing end of life at an early age, they’ve made it infinitely more difficult.
“None of it will matter to people like this.”
There is no industry regulator tracking the ownership or location of barrels.
Kenny Macdonald runs legitimate broker Dram Mor in Dumbarton and says crooks have realised there is money to be made by cheating investors.
He said: “The sharks are circling.
“They know there’s blood. They can smell it.
“And unfortunately, in this particular case, the blood is whisky.”
The City of London Police said they had made no arrests relating to complaints about Cask Whisky Ltd with no charges made.
Detective Inspector Stephen Weller, from the Serious Organised Crime Team at City of London Police, said: “Regarding Cask Whisky Ltd, we are investigating an allegation of fraud and seeking to establish if any criminality has taken place.
“If you have made any investments with Cask Whisky Ltd, or have been contacted by Cask Whisky Ltd, we would ask you to submit information to help us build a bigger picture and help our ongoing enquiries.”
Cask Whisky Ltd have been approached for comment.
