Avon and Somerset Police are carrying out a fraud investigation of a Ponzi scam and are urging further victims to report.
Ponzi schemes are ‘get rich quick’ investment scams which pay returns to investors from their own money, or from money paid in by subsequent investors. There is no actual investment scheme as the fraudsters siphon off the money for themselves.
Rican Group based in Fishponds
The police force are carrying out a fraud investigation into a number of companies which form part of the Rican Group based in Fishponds, after receiving multiple complaints about an alleged Ponzi scheme.
A 54-year-old man from Pucklechurch has been charged with two counts of fraud and appeared at Bristol Magistrates’ Court on Monday 9 June. He was remanded in custody to appear at Bristol Crown Court for an initial hearing on 1 July.
As the police are directly investigating this particular case if you believe you have been a victim of this company, please call 101 and ask for Avon and Somerset Police, quoting crime reference 124275/13. You can also report a crime online and details can be found on their website.
At this early stage of the investigation, the force said they are unable to confirm whether there will be the possibility of financial compensation.
For further information visit the Avon and Somerset Police website.
Please note that Action Fraud is not responsible for the content of external websites.
To report a fraud and receive a police crime reference number, call Action Fraud on 0300 123 2040 or use our online fraud reporting tool.
