The FCA alleges that, between October 2015 and November 2017, Mr Virdee, through a company called Dynamic UK Trades Ltd, promoted a deposit taking scheme, marketed as an ‘investment package’ without authorisation from the FCA. The FCA alleges he received approximately £600,000 in investment funds and misled investors.
The hearing was adjourned till 7 January 2019.
- Timeline of investigation:
30 November 2017: Manraj Virdee was arrested by Officers of the City of London Police, following an investigation by the Financial Conduct Authority (FCA) into his activities as the sole director of a company known as Dynamic UK Trades Ltd (Dynamic Trades).
17 October 2018: Manraj Virdee answered a summons at Westminster Magistrates Court where he was charged with: Count 1 (contravening the ‘General Prohibition’, contrary to section 19(1) and 23(1) of the Financial Services and Markets Act (FSMA) 2000), Count 2 (financial promotion, contrary to section 21(1) and 25(1) of FSMA) [not guilty plea entered], Count 3 (creating a false or misleading impression, contrary to section 90 (1) & (2) of Financial Services Act (FSA) 2000), Counts 4 & 5 (fraud, contrary to section 1 of the Fraud Act 2006).
14 November 2018: Manraj Virdee appeared at Southwark Crown Court. The case was adjourned to allow Mr Virdee sufficient time to look at the prosecution evidence and for his counsel to take instruction.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
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