One of Chelsea football club’s partners is at the heart of police fraud probe, which has resulted in 13 arrests.
Capital World Markets’ (CWM) forex unit, CWM FX, which also sponsors the London Boat Show and Wigan Warriors rugby club, was named Chelsea’s ‘online forex trading partner’ at the start of the year.
The firm’s headquarters at Heron Tower were raided on 3 March, resulting in the arrests on suspicion of fraud and money laundering.
The City of London police said the individuals have been bailed until September.
The police are continuing their investigation and have requested clients of the firm’s funds to come forward with any information. The targets of the investigation – which is supported by the Financial Conduct Authority – are the firm’s managed funds, which offered interest of 5% a month.
In a statement detective superintendent Maria Woodall said: ‘The primary objective of the arrest phase of this investigation was to stop what we believe was ongoing criminality and prevent people putting their money into CWM’s managed funds offering 5% interest per month.’
She added: ‘Now we need anyone who thinks they have invested in this specific enterprise to get in contact and help us clarify exactly how this company has been using the funds given to them in good faith by the citizens living in the UK and abroad.’
The CWM FX website was taken down earlier this week.
When it announced it partnership with CWM at the start of the year, Chelsea FC managing director for the Asia Pacific region Adrian New said: ‘Our goal is to partner companies which share our philosophy of innovation while consistently competing at the highest level and we look forward to a fruitful relationship.’
CWM FX chief executive Anthony Constantinou added: ‘CWM FX and Chelsea FC are both leaders in their respective fields.
‘Our partnership emphasises the synergies between football and trading where preparation and execution are keys to success.’
Loading...