A new shocking investigation reveals how the luxury jewelry entrepreneur Vashi Dominguez orchestrated the largest diamond scam in the United Kingdom, the depent of investors from 170 million pounds sterling while asking his own staff to act as customers.
Vashi Dominguez has built its reputation as a diamond dealer with the rich, appearing on ITV This morning With Holly Willoughby hosts and Phillip SchofieldHaving jewelry of several million pounds. According to BBC NewsDominguez cultivated an image of glamor and expertise, which earned him the nickname “The foot Piper of Jewelry Retail”.
In 2017, his operation was transformed into a street brand, with stores in London, Birmingham and Manchester. Customers have been promised custom jewelry experiences, observing their on -site parts on site while paying premium prices for high -end diamonds.
The elaborate deception of investors
To guarantee the financing of investors, LBC Note that the staff was invited to stage scenes developed in stores, posing as customers and pretending to make jewelry. E-mails show that Dominguez told employees that these configurations were “direct of Vashi” to impress potential investors during visits to surprise in store. The former staff described experience as “a total facade” designed to create the illusion of a flourishing company.
Investors, including high -level figures like Clive Schlee, John Cudwell and the media director Mark Schneider, were convinced by Dominguez’s charisma, detailed business plans and falsified accounts. The sales figures submitted to investors in 2021 said more than 100 million pounds sterling, but internal documents revealed that real sales were closer to 5 million pounds Sterling, or 5% of the value claimed.
Vashi Dominguez appeared this morning, presenting high -end diamonds and cultivating a glamorous public image which later helped him to defraud investors.
Fraudulent diamonds
BBC Panorama reports that Dominguez has also deceived customers. Gemmologist Lezlie Bailey explained that smaller or less quality diamonds had been sold in place of the bought stones, with original GIA inscriptions. Promised actions of 157 million pounds sterling in diamonds were then evaluated at only £ 100,000, exhibiting the extent of financial fraud.
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Extravagance in the middle of collapse
While the company was struggling, Dominguez experienced a luxurious lifestyle, funded by the company. He had access to a fleet of luxury cars, including a Lamborghini and several apartments in the center of London. By April 2023, the retail chain of Vashi collapsed by less than 170 million pounds sterling, leaving more than 100 million pounds sterling to investors according to Daily news.
Despite massive losses, Dominguez disappeared, who would have fled to Dubai the day the court ordered the company to meet. The authorities, including the Metropolitan Police and the Serious Fraud Office, have not launched official surveys. The liquidator, Benji Dyminy, says that there is no evidence of bulk funds for the offshore accounts, leaving questions about where the missing money has happened.
Fallout and shock of investors
Investors remain amazed, many unable to recover their investments. The case has raised serious questions about regulatory surveillance, the SFO noting that it only manages a small number of high -level economic crimes each year. Meanwhile, the BBC survey depicts an image of a man who used spectacle, charisma and falsified accounts to convince both investors and customers that his business was booming.
People also ask: FAQ
Who is Vashi Dominguez?
Vashi Dominguez is a luxury jewelry entrepreneur who has built a reputation as a diamond dealer with rich, possibly starting a retail chain in the street.
How many investors have lost in the Vashi scam?
Investors would have lost more than 100 million pounds sterling when it has been revealed that the company’s actions and accounts of the company were massively overestimated.
Why did the police or the SFO not investigate?
The Metropolitan Police and Serial Fraud Office cited a limited competence or prioritization, declaring that the case does not respect the threshold of a high -level survey on economic crime.
How did Dominguez deceived customers as well as investors?
Customers have been sold with lower quality diamonds that promised, with original registrations deleted, while investors were misled by the activity of stores and falsified accounts.
Final reflections
The Vashi Dominguez scandal exposes the extreme risks of the investors’ trust manipulated by charisma and staging. While the authorities have not yet taken significant measures, the case underlines how flashy appearances and deceived financial statements can hide massive fraud, leaving both investors and vulnerable customers to devastating losses.
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