[News] The billion-dollar scammers who will steal your life savings

[[~OMAR~]]

 

A global scamming network has robbed ordinary investors of more than a billion dollars. BBC Eye identified a shadowy network of businessmen who appear to be behind it.

Short presentational grey line

 

First, you hear a phone ringing. An elderly man answers.

The caller introduces himself as "William Grant", from the trading firm Solo Capitals. He says he has a "great promotion" to offer.

The elderly man sounds vulnerable and confused. "I'm not interested, I'm not interested," he says.

But William Grant is persistent. "I only have one question," he tells the old man.

"Are you interested in making money?"

Jan Erik, a 75-year-old pensioner in Sweden, is about to get scammed - again. The call was made from the offices of Solo Capitals, a purported cryptocurrency trading firm based in Georgia. The recording is hard to listen to - not only does the elderly man, Jan Erik, sound muddled, he tells the caller he has already lost one million Swedish Krona (about £80,000) in trading scams.

But the caller already knows this. And he knows it makes the pensioner a good target for a follow-up "recovery scam". He tells Mr Erik that if he hands over his card details and pays a €250 deposit, Solo Capitals will use special software to track his lost investments and get his money back.

"We will be able to recover the whole amount," William Grant says.

It takes him a while to wear Jan Erik down. But after about 30 minutes on the phone, the pensioner begins reading out his credit card details.

The audio recording was saved by the company under the file name "William Sweden scammed". The BBC obtained the file from a former employee, but the company had not tried hard to hide it. In fact, it had handed it out to new recruits as part of the company training package.

This was a lesson in how to scam.

 

The scam

For more than a year, BBC Eye has been investigating a global fraudulent trading network of hundreds of different investment brands that has scammed unwitting customers like Jan Erik out of more than a billion dollars.

Our investigation reveals for the first time the sheer scale of the fraud, as well as the identities of a shadowy network of individuals who appear to be behind it.

The network is known to police as the Milton group, a name originally used by the scammers themselves but abandoned in 2020. We identified 152 brands, including Solo Capitals, that appear to be part of the network. It operates by targeting investors and scamming them out of thousands - or in some cases hundreds of thousands - of pounds.

One Milton group investment brand even sponsored a top-flight Spanish football club, and advertised in major newspapers, lending it credibility with potential investors.

In November, BBC Eye accompanied German and Georgian police on call-centre raids in the Georgian capital Tbilisi. On the computer screens, we saw row after row of British phone numbers. We phoned several and spoke to British citizens who told us they had just invested money. On one desk, there was a handwritten note with a list of names and useful details for the scammers: "Homeowner, no responsibilities"; "50k in savings"; "From Poland, British citizen"; "50k in stocks."

Next to the name of one British man, a note said: "Savings less than 10K, very pussy, should scam soon".

 

[https://www.bbc.com/news/world-65038949]