It is alleged the suspect ran a company registered in the Republic which purported to be a vehicle through which people could purchase gold and silver as an investment. Many victims did so in the belief the gold and silver they were investing in would increase in value, to be sold at a later date and delivering a profit for them.
Other money invested, it is claimed, was used to pay some of the people who had invested in the company in its early years. This was done, it is claimed, in an attempt to show he was running a legitimate and successful investment vehicle, which is classic tactic in a “Ponzi scheme”. In some cases, people who invested money were told their gold or silver was being stored in vaults owned by the Harrods luxury department store in London and were even furnished with certificates confirming their purchase, though no such arrangement was in place with Harrods.