The suspected mastermind of Base2Trade has been arrested by detectives from the City of London Police this morning. He was a manager of a binary options broker that defrauded its clients of about £2 million.
The 38 year-old Base2Trade head, originally from Chingford, Essex, was coming back from Cyprus where he had fled to a few weeks before a warrant was issued for his arrest last June. He was met off the plane by detectives from the City of London Police in a pre-arranged operation.
Police believes that the man has been the major person behind Base2Trade binary options brokers, which is now in liquidation. The company sold fraudulent binary options trading from three offices in the City of London: located on Bishopsgate and New Broad Street and in Tower 42.
More than 150 people have contacted police to inform about a fraudelent action against them, losing a total of two million pounds in the investment scheme. The case has been under investigations since January 2015 by the City of London Police, which is the National Policing Lead for Fraud.
The Base2Trade head was arrested on suspicion of conspiracy to defraud, fraud by false representation and money laundering. He was taken to a local police station for questioning.
Police Staff Investigator Joseph Ford, from the City of London Police, stated:
“We have been gathering evidence in this case for over a year and today we have made what we believe is a key arrest. This has the hallmarks of a classic boiler room fraud, set-up in the City to give it prestige and credibility with potential investors while selling share options that we believe were totally worthless. The City of London Police is committed to working tirelessly to shutting down these operations as quickly as possible before they can wrap their criminal tentacles around too many people.”
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