Vanished Exmount perpetrating recovery fraud on bond investors

Exmount Commercial Developments

A Professional Adviser article reveals that Exmount Commercial Developments, which disappeared with investors’ money in the summer of 2019, has continued to scam investors even after disappearing.

The couple had invested their life savings with Exmount in 2018, after they were promised between 9.12% and 10.35% annual returns on their investment with three- or five-year bonds. The couple began investing a small amount of money, but over the course of a year took out five mini-bonds with Exmount for a total of £45,000.

The pair tried to redeem the unregulated bonds in early August 2019. According to Chan, a company representative asked the couple to pay a £606 exit fee. The pair paid, thinking they could get their capital back, but were then told there had been an error, and were asked to send an additional £606.

Needless to say the couple never got their £1,212 or their £45,000 back.

Note that August 2019, when the customers attempted to redeem their bonds, was months after Exmount Construction had already done a runner and stopped responding to investor queries.

Whether the recovery fraud was perpetrated by Exmount personnel themselves, or whether Exmount sold their contact list to a third party who then contacted the couple claiming to be from Exmount, is unknown, and matters little.

Exmount Construction Limited went through a series of director changes in its final months, with the final director, Rakesh Raj, resigning on 1 August 2019. Raj was also a director of a shell company, ECD Group Limited (it is probably not a coincidence that ECD stands for Exmount Commercial Developments). Exmount Construction is now rudderless with no directors.

What should I do if I invested with Exmount Construction?

Investors who are owed money by an unregulated firm and aren’t being paid have two practical options: 1) seek legal advice from a registered solicitor, and risk throwing good money after bad, or 2) write it off and forget about it.

Investors can also report Exmount’s disappearance to Action Fraud, although they should not expect to hear anything back beyond an automatic acknowledgement.

If investors are cold-called by anyone claiming they can get their money back from Exmount in return for “legal fees” or “admin fees” or any other payment by the investor, it is a scam – just as in the case reported.

4 thoughts on “Vanished Exmount perpetrating recovery fraud on bond investors

  1. It is totally unacceptable that no government body or police would investigate this, Why anyone can set up a glossy website cold call take money then run , I feeL so much for the people who gave large amounts my loss is £5,000 which I am not happy about but it could have been worse for me. I have truId writing to my MP no reply FinanciaL Ombudsman did reply wanted any document I had and they would get back to me. Action Fraud is useless just a name that does nothing Even the Mayor of London who somebody wrote to replied Action Fraud are where to go Well Will anyone in Government stop this happening.
    Yes they were risky in the fact the company might go Bankrupt does not succeed But scamming and Fraud should be covered by someone that will investigate and track down the Directors or find out just what Happened. But they will lose in the end The Lord will deal with this scum in time. I also think they did a scam in Australia to do with crypto currency then dissapeared They are going round the world doing this and noone cares Well its election time Maybe badgering MPs might bring it to the House of Commons. It needs stopping too much of this is going on and Why, its so easy to get away with it. Shame on our Government.

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  2. Yes I am owed money but as you have said everyone deplores fraud and the low life that carry it out , but despite this know one or body wants to step up to deal with the issue. Shameful. All toothless tigers.

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  3. The internet and YouTube is open market for scammers. I answered an ad to make easy money – they made it sound. Testimonies from housewives and an African Priest who was so pleased with the result he ploughed the money back to his charity in Africa. Sounded really good. I filled in the details. the very next day I was on a trading platform with an ‘accounts manager’ who instructed me – I told him I had no experience of this kind of dealing. He told me just to follow his advice and press the button when advised. Ok first day, made some money, but then things began to go wrong, and within about t month I was losing a lot, but always encouraged to go on not only to recover but to make more. By the time I realized what was happening I stopped answering their calls. They keep calling me to pay them. When I paid them by bank drafts I notice the money going to places like Russia, Bulgaria etc. I now can recognise the ads on the internet and YouTube which are scams. There are easy pickings for them, and yes the Govt. should do more to protect the public. The name of organisation I fell victim to was Trade Ltd, recognized for being a scam, watch out!

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  4. I have lost some £19,000.00p with the Exmount scam. I do know of 10 more people who have lost over £400,000.00p between them. We have joined together to ensure these people are brought to justice. Leave areply and i will make contact should you wish to join our fifght.
    Please ensure you contact Actionfraud, your Bank to see if a “charge back can be made”.Also contact your MP TO GET THE Home secretary to investigate this company who is still operating

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