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Cops try to bust Carlos' 'billions'
Cops try to bust Carlos' 'billions'
Even though investigations so far have revealed that Cash Plus boss Carlos Hill may have billions of United States dollars in offshore accounts (see graphic on page 4), police are warning investors not to interpret this to mean that their money would be returned soon.
Police say they will first have to determine if the money and accounts actually exist.
"... I add a very strong word of caution and do not want to raise the expectations of investors and urge the media to do the same.
This (the accounts and money) will take time to confirm and to secure any funds, if indeed they exist at all," Assistant Commissioner of Police, Les Green said at a press conference yesterday.
He said the investigations would require overseas assistance. "As a majority of businesses, accounts and funds are offshore, we are not readily able to obtain access or obtain details of such, in a short period of time. We will be required to submit requests for mutual assistance under reciprocal agreements or other well-established protocols, and this itself will be lengthy process," he said.
80 companies
The police said they have so far discovered that 80 companies are directly linked to Cash Plus. They are aware of another 106 companies that may be directly linked to Hill and not the Cash Plus group of companies.
Green said they are also probing a company called Galina Trust Limited, believed to be registered in the Turks and Caicos Islands. Based on records seized at Hill's home, cops say it seems a substantial number of assets from Cash Plus have been obtained by or transferred to that company.
Transactions at other entities are also being scrutinised, including a funds transfer from a bank in Turks and Caicos to China Index Fund, believed to be in China.
The five-year-old investment club, which has been engaged in a number of legal battles over the past year, went into receivership late last month. A company goes into receivership when its debt exceeds its income. Cash Plus has 40,000 lenders with loans totalling $4 billion.
Cops try to bust Carlos' 'billions'
Even though investigations so far have revealed that Cash Plus boss Carlos Hill may have billions of United States dollars in offshore accounts (see graphic on page 4), police are warning investors not to interpret this to mean that their money would be returned soon.
Police say they will first have to determine if the money and accounts actually exist.
"... I add a very strong word of caution and do not want to raise the expectations of investors and urge the media to do the same.
This (the accounts and money) will take time to confirm and to secure any funds, if indeed they exist at all," Assistant Commissioner of Police, Les Green said at a press conference yesterday.
He said the investigations would require overseas assistance. "As a majority of businesses, accounts and funds are offshore, we are not readily able to obtain access or obtain details of such, in a short period of time. We will be required to submit requests for mutual assistance under reciprocal agreements or other well-established protocols, and this itself will be lengthy process," he said.
80 companies
The police said they have so far discovered that 80 companies are directly linked to Cash Plus. They are aware of another 106 companies that may be directly linked to Hill and not the Cash Plus group of companies.
Green said they are also probing a company called Galina Trust Limited, believed to be registered in the Turks and Caicos Islands. Based on records seized at Hill's home, cops say it seems a substantial number of assets from Cash Plus have been obtained by or transferred to that company.
Transactions at other entities are also being scrutinised, including a funds transfer from a bank in Turks and Caicos to China Index Fund, believed to be in China.
The five-year-old investment club, which has been engaged in a number of legal battles over the past year, went into receivership late last month. A company goes into receivership when its debt exceeds its income. Cash Plus has 40,000 lenders with loans totalling $4 billion.
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