More than 140 people claim to have lost £30m after property business collapsed
BBC South East Special CorrespondentJVIP Group told its clients, which include elderly and vulnerable people, that they could receive more than 10% interest on their investments.Police are investigating complaints from dozens of people, including Ruth Fretwell, from Brighton, who fears she has lost £190,000 in an investment.Image caption,The investments were made into a number of companies styled as JVIP Group, or Joint Ventures in Property.
Ms Fretwell told the BBC: "I was told they were buoyant, and managing Covid well, and still competing against competitors who'd gone under.Mark Palmos says he does not think he will ever get his money backHe said: "From what I understand, we're not going to see any of that back. It's all gone, which is quite astonishing considering we believed it was all based on solid value proposition against property.
He said: "They believed by taking in more and more money from investors, even though they knew they were in trouble, they'd somehow muscle their way through this."In a report by administrators on a company linked to the group - JVIP Group Limited, the administrator said economic uncertainty caused by the pandemic had impaired the group's finances and that the management team had tried to put it on a more stable long term financial footing.
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