Kingsgate Insolvency Services Scam.
An organisation calling itself Kingsgate Insolvency Services Ltd is carrying out a follow-on-fraud against victims of the Essex and London Properties scam.
Essex and London Properties was a fraudulent investment. The people involved have appeared in a UK court and have been charged with criminal offences. You can read about that fraud on this [LINK].
The Essex and London Properties bonds have no value. They are worthless. There will never be any party interested in buying them. It was a fraud and there are no assets to back up the bond. This is just an attempt to extort money from the victims of a scam.
The people behind the Kingsgate Insolvency Services scam are carrying out a second follow-on-fraud at exactly the same time, but are using the name of Everest Trade BVBA for the second one. We will report on that scam separately in the next few days.
We know that fraudsters often run several scams from the same office, but it is rare that they launch two follow-on-frauds targeting the same group of investors. Normally they run one scam for a few months before launching the next one. We think the launch of the second scam might have been for the reason described below.
The Kingsgate Insolvency Services scam website [LINK HERE] is hosted in Chisinau, Moldova. That rings alarm bells and should be enough of a warning. It suggests that the scammers are Eastern Europeans. We see a lot of follow-on-frauds which originate from Bulgaria, Romania and Moldova. Our website is regularly attacked by hackers located in those countries.
Here is a typical email sent out by the company:
“As discussed, please find attached a copy of the Auditors Report and conclusion of the audit conducted on Essex and London. There are also contact details for the referral company as mentioned.
Should you have any questions or queries, feel free to give us a call or alternatively reply to this email.
KINGSGATE INSOLVENCY LIMITED Company number: =4651831
National House, 80-82, Wellington Road North, Stockport, Cheshire, SK4 1HW
Tel: 0161 961 0021 | Email: email@example.com
The content of this message is confidential. If you have received it by mistake, please inform us by an email reply and then delete the message. It is forbidden to copy, forward, or in any way reveal the contents of this message to anyone. The integrity and security of this email cannot be guaranteed over the Internet. Therefore, the sender will not be held liable for any damage caused by the message.
The fake “Auditors Report” can be seen here Fake Auditors Report_RAW
Their letters aren’t any better. You will note from this letter sent as an email attachment to an investor that they are just as confused. Mr Dorset writes to investors on Kingsgate Insolvency Services Ltd letterhead paper, but signs off as “Chief Practitioner, Kingsgate Insolvency Ltd”.
This is an interesting follow-on-fraud because the scammers have realised that investors would be suspicious if a genuine insolvency firm was to ask them for money, so their strategy is to say “Sorry, we can’t help you recover money, but why don’t you try this firm who we know have been successful”. They refer the investors to the next scammer team sat alongside them. In this case they hand the scam over to their Global Enterprise Limited team with website www.globalenterpriselimited.com.
Fortunately, somebody appears to have reported that website as suspicious and it has been removed in the last few days. The website was put up in January 2021 so we hope they weren’t able to con too many people before it was taken down.