Catch and Release:
Organisation: African Network of Centers for Investigative Reporting (ANCIR) (South Africa)
Publication Date: 03/29/2015
DescriptionThe project, an investigation published in the World Policy Journal (under the umbrella of the US-based World Policy Institute) primarily utilised publicly accessible data to unveil a $180 million global ponzi scheme run by the Capital Organization and its head, Renwick Haddow. The Capital network used over 30 different shell companies (including fake websites, virtual or services offices etc), marketed by more than one dozen brokers, to promote fake unregulated alternative investment projects allegedly based in African countries such as Sierra Leone, South Africa, Liberia etc while numerous tax havens from Cyprus to Dubai and the British Virgin Islands (BVI) were used to circulate siphoned funds. The clients or 'sucker list' were mainly pensioners based in the UK. The Capital network used a system of 'bait and switch' ie: transferring clients from one 'distressed asset' to the next. Financial receiving agents used by the Capital organization directly remitted monies to conduit entities based in secondary tax havens (such as Cyprus) before being remitted to final entities such as BVI. To avoid the constant legal threats from the Capital organization's directors and to ensure that the article was legally actionable, we published evidence online.
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