What Is A Whisky Scam?
Whisky scams are a type of investment fraud where victims are offered good financial returns on their money.
The idea behind the investment is that you buy barrels of whisky which are stored at the distillery while they are maturing and then you get paid a larger amount of money when they are sold.
There are legitimate whisky investments but scammers have jumped on this market to create fake opportunities to steal money.
Whisky scams usually involve very convincing and high-end marketing literature to make them look legitimate.
As it typically takes three years for whisky to mature it gives the scammer a long time for them to take money before they are discovered.
Very often when the three years is up the fraudsters will suggest that you don’t have the barrels sold for another seven years as they can offer even higher returns on your original investment. They may even ask for more money at this point to store the barrels.
Of course, the barrels of whisky don’t exist and as soon as the victim asks for their money the scammer typically disappears.
The first thing to remember if you have been scammed is that it is not your fault.
It is estimated that across the UK whisky scam investments have costs victims millions of pounds.
These are very sophisticated and convincing frauds that are difficult to detect.
We can help you to recover you lost money via the banks who have a duty to protect their customers from fraud.
National Fraud Helpline are experts in bank fraud recovery with a proven track record of successfully helping our clients.
If you have fallen victim to a whisky scam contact us today and we will try to help you to recover your lost money. Call 0333 0033218 or fill out our Claim Form.
How To Spot A Whisky Scam
How to identify a whisky scam?
Here’s is a list of common signs that the whisky investment on offer is a scam.
- The returns on investment are too good to be true. If you are being told you will get a particularly high percentage on your investment be very wary.
- A guaranteed rate of return. This should ring a large alarm bell. All markets are volatile and no-one can predict what a barrel of whisky is worth in a few years time.
- Pressure selling tactics. Scammers will tell you that this is a once in a lifetime opportunity and you must act now. Do not be afraid to walk away.
- Do your research. If you are told your whisky barrels are from a particular distillery then call them to check if they exist and if they have set up an investment deal. Also, research the company you are dealing with.
How We Helped A Whisky Scam Victim.
We recovered £6,200 for a Wiltshire pensioner who felt victim to a highly convincing whisky investment scam.
Ken Clover (not his real name), 72, from Warminster, was promised a return of 12% by a compnay calling itself Whisky Scotland.
But when his investment was supposed to mature after three years the scammers disappeared.
The victim said: “It took me a long time to save that money, and I thought ‘that’s it, it’s gone’.”
However, we helped recoup all of Ken’s money from Nationwide Building Society.
“I was over the moon to get the money back,” he said.
Lena Abuagla, a lawyer at National Fraud Helpline, said: ‘We were delighted to recover the client’s money.
‘Whisky scams are incredibly sophisticated with incredibly convincing marketing material.
‘It can be years before someone even realises that they’ve been scammed.’
Ken decided to invest in November 2021, after seeing a Whisky Scotland advert on Facebook.
The company sent him a professional looking 14-page brochure, and the fraudsters convinced him he could earn up to a 40 per cent profit over the three years.
Two months after transferring the money, he received a convincing looking certificate of investment which claimed to show that he had invested in casks currently in Ireland.
But when he tried to call the company three years later the scammers no longer answered his calls or correspondence.
He said: “I don’t think the whisky cask ever existed. When I took this investment out I thought ‘if it doesn’t sell, at least I can drink it’, but I can’t even do that’.”
The story was covered various media outlets: Whisky scammers took Warminster pensioners life savings – New Valley News
Start Your Claim Now
Start Your Claim Now
"*" indicates required fields