Diamond fraudsters jailed for attacking elderly people
January 26 and 22
(IDEX Online) – Two Fraudsters Who Cold Called Elderly Victimsand persuaded them to invest in overpriced diamonds, were jailed by a London court.
David Shivmangal, 48, and Glenn Ward, 52, were found guilty by a jury at Southwark Crown Court (illustrated) fraud and money laundering offences.
They were sentenced to three years and nine months and three years respectively for the boiler room investment scam.
Elderly victims were targeted using high pressure sales techniques. They were cold-solicited and pressured into investing their savings in diamonds, with promises of high rates of return.
In fact, the fraudsters had bought the diamonds at low prices and then resold them to investors at very inflated prices.
They also offered their victims safe storage of the diamonds, which enabled them to resell the gemstones to new investors.
They were part of an organized crime group that also sold investments in a nonexistent scheme to lend money to payday loan companies. In total, the loan and diamond frauds brought in $3.3 million.
An anonymous victim described the impact of these crimes on his wife and himself. He said: “I am currently 75 and live with my wife who has dementia. I would describe the impact of losing £35,000 as a major disaster.
“The men who contacted me on the phone and persuaded me to invest my savings that I worked hard for. I would call them scum.”