Police seized cash, luxury watches and jewellery as part of the investigation
Cash, luxury watches and jewellery were seized as part of an investigation into a multi-million pound investment firm. The City of London Police announced an investigation has been launched into the 79th Group after it was believed to be offering loan notes to investors with high interest return over a fixed period.
Police said the group, based on Wight Moss Way in Southport, operate in real estate, “claiming to specialise in the acquisition, management and development of lucrative assets”. The company also offers investment opportunities selling loan notes secured against properties.
A loan note is a financial agreement between a borrower and a lender that states the terms of a loan. It’s a type of debt security that’s often used to raise capital for businesses.
City of London Police said investors are contacted by third-party introducers offering the opportunity to invest with fixed returns between 12% for a minimum £10,000 investment and 15% for a minimum £25,000 investment.
They said: “The 79th Group tell investors that funds are used for real estate, wealth and aviation. Another area of business advertised under the 79th Group is mining for natural resources in countries such as Canada and Guinea.”
Four people have been arrested in connection with the company. A large amount of cash, luxury watches and jewellery were found during searches of five separate properties, all of which have been seized. All people arrested have been released on bail and enquiries are ongoing.
City of London Police said: “Anyone who has been contacted by investors from the 79th Group, or working on behalf of the 79th Group, should contact the City of London Police immediately.”
In January, the Merseyside company was announced as the new owners behind a planned holiday complex at Penrhos Coastal Park near Holyhead. Almost 500 luxury lodges are earmarked for the 200-acre site, which was set up for the community in 1971 by the former Anglesey Aluminium plant. The 79th Group said the first of the £12,000 lodges would become available by summer 2025.
A spokesperson for The Seventy Ninth Group said in a statement: “The Seventy Ninth Group categorically denies any wrongdoing following claims recently made public by the City of London police.
“Since the events of last week, we have been working diligently with our legal advisers to address the claims made as part of the investigation, while also providing information to business partners and other stakeholders.
“The company has also appointed independent forensic accountants to conduct a comprehensive review of the business. The Seventy Ninth Group remains committed to servicing its clients in the UK and across the globe.”
Anglesey Council’s chief executive Dylan J Williams told North Wales Live: “We are aware of the investigations being undertaken by the City of London Police in relation to the 79th Group. The allegations are a cause for great concern. We will not be making any further comment until the outcome of police investigations, or any related legal proceedings, have been concluded.”
The 79th Group was also the headline sponsor of last year’s 100th anniversary Southport Flower Show. The company’s website explains how the board is comprised of “experienced industry leaders, two of whom have been honoured by members of The Royal Family, with decades of collective expertise across high-profile sectors”.
