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| Seven held in raids over pension access scam | Seven held in raids over pension access scam |
| (12 days later) | |
| Seven people have been arrested after police swooped on a suspected organised crime gang believed to be behind a pension investment scam that has been dubbed "the new boiler-room fraud". | Seven people have been arrested after police swooped on a suspected organised crime gang believed to be behind a pension investment scam that has been dubbed "the new boiler-room fraud". |
| On Wednesday, detectives entered a City of London office that was being used as a call centre with about 40 staff. Police arrested three men and seized computers and documents. The investigation team arrested two further men, in Ayr and in Glasgow, and made a couple more arrests in Cheshire. | On Wednesday, detectives entered a City of London office that was being used as a call centre with about 40 staff. Police arrested three men and seized computers and documents. The investigation team arrested two further men, in Ayr and in Glasgow, and made a couple more arrests in Cheshire. |
| All seven men were arrested on suspicion of conspiracy to defraud and money laundering. They were later released on bail. | All seven men were arrested on suspicion of conspiracy to defraud and money laundering. They were later released on bail. |
| The arrests form part of a multi-agency clampdown on the "pension liberation" firms which promise people early access to pension funds in return for up to half the money. | The arrests form part of a multi-agency clampdown on the "pension liberation" firms which promise people early access to pension funds in return for up to half the money. |
| Thousands of people, often desperate for cash through redundancy or escalating debts, are turning to these schemes. | Thousands of people, often desperate for cash through redundancy or escalating debts, are turning to these schemes. |
| It is estimated that up to £400m has been moved into high-risk and non-existent investments, many based overseas. "Some of this money has been totally lost to fraudsters, with victims also being hit by significant tax and admin fees," said City of London police. | It is estimated that up to £400m has been moved into high-risk and non-existent investments, many based overseas. "Some of this money has been totally lost to fraudsters, with victims also being hit by significant tax and admin fees," said City of London police. |
| The suspected gang dismantled by the police was thought to be cold-calling and text messaging people across the UK with fraudulent offers. | The suspected gang dismantled by the police was thought to be cold-calling and text messaging people across the UK with fraudulent offers. |
| "A collective desire to find a higher return on savings is at the heart of the problem, with the promise of pension loans or cash lump sums acting as an added incentive for people to raid pension pots." Some victims are known to have lost more than a million pounds. | "A collective desire to find a higher return on savings is at the heart of the problem, with the promise of pension loans or cash lump sums acting as an added incentive for people to raid pension pots." Some victims are known to have lost more than a million pounds. |
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