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Financial Conduct Authority: Manraj Virdee Pleads Guilty To Illegally Operating An Investment Scheme And Fraud

Date 07/12/2018

In a case brought by the Financial Conduct Authority (FCA), Manraj Virdee has today pleaded guilty at Southwark Crown Court to four charges encompassing illegal operation of an unauthorised investment scheme, misleading consumers, and two related counts of fraud and will be sentenced at a date to be confirmed in due course.

The FCA alleges that, between October 2015 and November 2017, Mr Virdee, through a company called Dynamic UK Trades Ltd, promoted a deposit taking scheme, marketed as an ‘investment package’ without authorisation from the FCA.  The FCA alleges he received approximately £600,000 in investment funds and misled investors. 

The hearing was adjourned till 7 January 2019. 

Background

  1. Timeline of investigation​​​​​​:
  2. 30 November 2017: Manraj Virdee was arrested by Officers of the City of London Police, following an investigation by the Financial Conduct Authority (FCA) into his activities as the sole director of a company known as Dynamic UK Trades Ltd (Dynamic Trades).
    17 October 2018: Manraj Virdee answered a summons at Westminster Magistrates Court where he was charged with: Count 1 (contravening the ‘General Prohibition’, contrary to section 19(1) and 23(1) of the Financial Services and Markets Act (FSMA) 2000), Count 2 (financial promotion, contrary to section 21(1) and 25(1) of FSMA) [not guilty plea entered], Count 3 (creating a false or misleading impression, contrary to section 90 (1) & (2) of Financial Services Act (FSA) 2000), Counts 4 & 5 (fraud, contrary to section 1 of the Fraud Act 2006).
    14 November 2018: Manraj Virdee appeared at Southwark Crown Court. The case was adjourned to allow Mr Virdee sufficient time to look at the prosecution evidence and for his counsel to take instruction.

  3. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  4. Find out more about the FCA.