Fraudster accused of using City of London firm is missing from the trial

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


Prosecutors claim Capital World Markets Ltd fictitious foreign exchange

Prosecutors claim that 'Capital World Markets Ltd.', a fictitious foreign exchange investment company with headquarters in the City of London, is facing seven offences, including deceptive trading and fraudulent trading. The company's leader, Anthony Constantinou, is charged with operating a Ponzi-style scam in which investors were promised lucrative profits but received nothing.

The prosecution alleges that Constantinou used money from clients to finance his lavish lifestyle, including a £2.5 million wedding and a £70,000 birthday party for his child. The firm's luxury offices in Heron Tower and sponsorship deals with Chelsea Football Club and boxing tournaments were used to create the impression of success, according to prosecutors. The alleged offenses took place between 2013 and 2015, and the total amount of sham investments is said to be over £50 million. Among the victims were individual investors, including a group from the Nepalese Gurkha community.

 Constantinou denies all seven fraud charges against him and is missing from the London Criminal Trial, but the trial will continue in his absence. He is accused of defrauding investors out of £50 million ($62.2 million). He was present in court for the first part of the three-month trial started in March.

Judge Gregory Perrins told the jury at a hearing at London’s Southwark Crown Court that the accused has voluntarily absented himself. The Judge also stated that It is not in any way an admission of guilt on his part and that he has maintained his not-guilty plea. Hence the trial will continue to go ahead without him. Constantinou’s lawyers have yet to set out his defense arguments.

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