The 79th Group ‘has the hallmarks of being one of the largest UK based Ponzi schemes’, according to administrators.
It is estimated by administrators that investors lost around £103m as part of a bigger scheme that is believed to have attracted more than £200m in investment.
An estimated 3,700 from across the UK, Europe, Asia and Middle East have lost money according to the administrator’s report.
Banks and the Financial Ombudsman Service are currently refusing to pay back UK victims of the scheme under the fraud reimbursement models.
National Fraud Helpline is campaigning to get this decision reversed as it fights for its clients to get their money back.
In the latest 79th Group update from administrators they describe how it is a complex case across multiple jurisdictions.
The administrators have said that it may take years for them to locate and recover the funds which are spread across a complex web of more than 100 companies in 10 jurisdictions.
Directors of the company were originally arrested in February, 2025, but no charges have been brought. They deny the allegations of fraud.
In administrator Quantuma’s report it says it has identified ‘over 130 different bank accounts’ which have large sums of investor monies transferred between accounts.
Th report continued: ‘The 79th Group investment scheme has the hallmarks of being one of the largest UK based Ponzi schemes utilising multiple companies and bank accounts across many jurisdictions. It is unclear why such an elaborate network of companies and accounts were required to deliver what was purported to be a relatively straight forward investment scheme investing in property and, later, natural resources and aviation.’
The administrators are in close contact with the City of London Police, the Crown Prosecution Service and the authorities in other jurisdictions.
National Fraud Helpline is representing a number of 79th Group investors who have lost their money.
Martin Richardson, senior partner at National Fraud Helpline solicitors, said: ‘We strongly believe that these claims fall under the banks’ regulatory duties to refund clients.
‘National Fraud Helpline is continuing to fight for 79th Group clients to help them to recover their money.’
Find out more about How We Are Helping 79th Group victims.
Have you lost investment money via The 79th Group? If so, we are keen to hear from you. Please contact us on 0333 0033218 or fill out our Claim Form.
*IF YOU SENT MONEY VIA A NON-UK BANK PLEASE EMAIL US: info@nationalfraudhelpline.co.uk*
