Published:
8:08 AM August 4, 2022
An Ilford fraudster involved in a group that conned investors out of more than £13 million through a “sophisticated” Ponzi scheme has been jailed.
Their company claimed to buy distressed properties along the Crossrail route – now called the Elizabeth Line from London to Essex – refurbish them and re-sell them at a profit.
Police say the group defrauded more than 800 investors, who each made payments ranging from £5,000 to £140,000 before being pressured to purchase increasingly large stakes using “boiler room” sales tactics.
Mohammed Tanveer, 34, of Coventry Road, Ilford was among seven men charged as part of the investigation.
He later pleaded guilty to both conspiracy to commit fraud and conspiracy to launder the proceeds of fraud.
Four other men were convicted of fraud and money laundering-related offences on April 22 at the same court, following an 11-week trial.
The two other accused were found not guilty.
Tanveer was jailed for five years – with half to be served in prison and the remainder on licence – as one of four men sentenced at Southwark Crown Court on July 26.
Four of the guilty men, including Tanveer, were sentenced on July 26, with the final man due to be sentenced on September 2.
Det Con Greig Avery, of the Essex Police serious economic crime unit, said: “I want to make it clear that these men went to exceptional lengths to add credibility to their enterprise.
“They used every tactic they could think of to…
