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UK asset firm with operations in UAE under investigation for suspected fraud
The case has sparked debate among business circles in the UAE, raising concerns over investor protection and regulatory oversight in cross-border financial dealings
- PUBLISHED: Sun 9 Mar 2025, 1:08 PM
A UK-based asset management company with operations in the UAE has come under scrutiny after its headquarters in the UK were raided as part of a major fraud investigation.
The Seventy Ninth Group, which entered the UAE market in 2022, is being investigated by the City of London Police over a “suspected widespread fraud case” involving investors being offered high returns on their loans.
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The police confirmed that four people had been arrested, with a “large amount of cash", luxury watches, and jewellery seized during raids at five separate properties in Merseyside, a metropolitan county in North West England, which includes the city of Liverpool and surrounding areas.
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The force stated that the company offers investment opportunities by selling loan notes secured against properties, promising returns of between 12 and 15 per cent on loans starting at £10,000. The Seventy Ninth Group also operates in real estate, wealth management, and mining in Canada and Guinea.
In response to the allegations, the company issued a statement to Khaleej Times, denying any wrongdoing.
“The Seventy Ninth Group categorically denies any wrongdoing following claims recently made public by the City of London Police,” the statement said.
The company added that it is working closely with legal advisers and has appointed independent forensic accountants to conduct a comprehensive review of its business.
“Since the events of last week, we have been working diligently with our legal advisers to address the claims made as part of the investigation, while also providing information to business partners and other stakeholders,” the statement continued.
The company reaffirmed its commitment to serving clients in the UK and globally.
The case has sparked debate among business circles in the UAE, raising concerns over investor protection and regulatory oversight in cross-border financial dealings.
Meanwhile, the City of London Police has urged anyone contacted by representatives of the Seventy Ninth Group regarding investments to report it via the Major Incident Public Portal.
The four individuals arrested in connection with the case have been released on bail as inquiries continue.