FF Returns Scam Alert.
A group of scammers operating under the name of FF RETURNS is contacting the victims of collapsed investment schemes promising to be able to recover all of their money in return for a fee. There is a genuine company called FF Returns Ltd which has been in existence since 2005, but these people are not part of that company. They are just using that company’s name. At the moment they are contacting victims of the High Street Group scam, but it can be expected that they will branch out to contact victims of other scams.
As is standard practice in these kinds of follow-on-frauds, the scammers are using money mules to collect the fees from anyone who is taken in by them. A money mule is normally a limited company with a bank account, but it can sometimes be a bank account in an individual’s name. The scammers have taken control of that bank account so that as soon as any money is paid in it can be immediately transferred out, generally to an offshore account which means neither the bank nor the Police are going to be interested in trying to recover the money.
In the case of this FF Returns scam, one of the money mule accounts they are asking their intended victims to pay into is an account in the name of J.S. DEVELOPMENT SERVICES LTD. The bank account details are:
Account Name: J.S. Development Services Account Number: 20425629 Sort Code: 82-61-37 This is an account at Clydesdale Bank.
A check on this company at Companies House – LINK shows that it was incorporated on 13th April 2022. It is less than three months old. It’s registered office is 86-90 Paul Street, London, England, United Kingdom, EC2A 4NE which is a virtual office. This means that there are tens of thousands of companies using that office address and if you were to visit the premises you will be told that they have never heard of J.S. Development Services Ltd. The company has one one director, a 26 year-old man called JOVAN SINGH SAHOTA.
Acting as a company director and allowing others to control the company’s bank account for fraudulent purposes is a criminal offence which carries a prison sentence upon conviction of up to 14 years. It’s a crime which is not punished enough because without money mules these scams could never get off the ground. Mr Sahota might view his involvement as harmless, but he is assisting in the theft of thousands of pounds from members of the public. If someone broke into a house and stole thousands of pounds they would expect to go to prison if caught. This is no different. Mr Sahota might only have received a small payment for allowing his company to be involved in money-laundering, but that’s no excuse.
Follow-on-frauds are rarely operated by one-man bands. They are normally run by organised crime gangs and operated on a very large scale using lots of different money mules. Money mules can take in a lot of money in a very short period of time. We are working one case where a money mule company took in £1.3m in less than 9 months.
Money mules are a key element in a lot of scams and the problem will only be brought under control when there is a concerted effort to prosecute offenders. In the meantime, if you are contacted by FF Returns you should report the matter to your local law enforcement organisation. In the UK that would be Action Fraud – LINK.
FF Returns Scam Alert.