A British court sentenced a Libyan citizen to six years of prison after raising £400,000 of investments for a company he said was supplying medical supplies and ambulances to the Libyan Embassy in the United Kingdom (UK).
Essam Elmegrhi said his business would provide quick and profitable returns to anyone who invested.
However, when the returns never materialised, investors started to ask questions about the 51-year-old. The Grimsby Telegraph news reported that Elmegrhi attempted to cover his tracks by sending a bank letter proving he was trying to pay the money back.
However, the bank confirmed the letter was fake. The bank said Elmegrhi had forged it in a bid to deceive his victims.
Between December 2014 and July 2017, Elmerghi managed to raise £400,000 from numerous victims. He told his victims their investment was needed to help run the business.
Elmegrhi, of Tivoli Gardens in Grimsby, has now pleaded guilty to nine counts of fraud, one count of money laundering and one count of forgery at Hull Crown Court.
One of Essam Elmegrhi’s victims submitted a victim impact statement to the court. In it, the victim said, “I doubt the effect of this ordeal will diminish with time, and I personally feel this will remain to be the single worst experience in my life.”