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Horse racing enthusiasts in Gedling borough warned of investment scam

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Gedling

Horse racing enthusiasts in Gedling borough warned of investment scam

These new scams involve claiming to use software for placing horse racing bets on the victim’s behalf

Horse racing fans in Gedling borough are being warned about the dangers of investment scams after complaints were made to scam-busting group Action Fraud.

Action Fraud said it has received 20 complaints of investment fraud relating to horse racing since June with a total loss of £11,350.

The scams involve claiming to use software for placing horse racing bets on the victim’s behalf.

However, once payment has been made to the fraudsters, often methods to contact them are closed down and the victim does not hear from the fraudsters again.

Action Fraud also say they have also noticed the re-emergence of other investment frauds where an individual is encouraged to invest in ownership of a race horse.

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People are contacted about these non-existent opportunities primarily by post; however, after the fraudsters have received payments, the individual finds they are no longer able to get in contact with the company.

To protect themselves from investment fraud, Action Fraud said consumers should consult guidance from regulator the Financial Conduct Authority (FCA) and be cautious before parting with any money.

It said people should always check that the details of the organisation or company are correct – as fraudsters may be masquerading as a legitimate organisation, by using professional-looking brochures for example.

Detective Chief Inspector Andy Fyfe of the City of London Police, who run Action Fraud, said: “With such large amounts of money involved, investment fraud in the horse racing community can leave people without a horse and having experienced a significant financial loss.

“We are urging people to thoroughly check the details of organisations they are dealing with and consider seeking independent advice before going ahead with an investment.”

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