Police set to probe RBS action group following our 12-month investigation
A controversial group set up by a fraudster to sue the Royal Bank of Scotland is facing a police probe following a 12-month Mail on Sunday investigation.
The Ministry of Justice is preparing to hand the City of London Police a dossier on the RBoS Shareholders Action Group, co-founded by businessman Gerard Walsh.
This paper has revealed he was named as a fraudster in Jersey Royal Court in 2014. The group was set up to sue RBS on behalf of 7,000 small investors who felt duped into buying shares in a doomed 2008 rights issue.
Probe: The action group was set up to sue RBS on behalf of 7,000 small investors
The investors won £200million compensation from RBS in 2017 but most of it has yet to be paid out. In April, a court was told Walsh is claiming £3.75million for himself.
Several small investors have asked the City of London Police’s Action Fraud unit to probe the group. The MoJ intervention piles pressure on the force to act.
The action group declined to comment, and instead pointed to a separate complaint it had made to the Solicitors Regulation Authority.