We are implementing a scheme to return money to investors in illegal deposit-taking schemes operated by John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi.
The three individuals also traded as John Anderson Consulting, Kenneth Peacock Consulting and Business Consulting International.
We obtained an order from the High Court on 5 November 2014 directing us to implement a scheme to return money to investors who deposited money with Anderson, Peacock and Pruthi.
Following this, the Trustee in Bankruptcy for Anderson, Peacock and Pruthi (Matthew Chadwick of BDO LLP) made a further application to the Court to amend the order made on the 5 November 2014 and to obtain a direction to pay the money resulting from the bankruptcies to us.
The High Court approved the amended order on 10 September 2015 and directed the Trustee to pay the money to us. The Trustee must first give notice that it intends to do this and has done so in the Notice of Intended Dividend.
You can also see the amended High Court order which includes our plan to distribute the money.
We will begin to distribute the money no later than 28 days after it is received from the Trustee in Bankruptcy for Anderson, Peacock and Pruthi.
Unauthorised deposit-taking
Anderson, Peacock, Pruthi and their firms were unlawfully accepting deposits from UK consumers.
The High Court ordered on 29 June 2010 that Pruthi must pay £89.8m, Anderson £13.2m and Peacock £11.6m to us, but they failed to provide the funds and were declared bankrupt.
We initiated bankruptcy proceedings to recover as much money as possible so that investors could be compensated for their loss. However, investors will only receive a small percentage of the amount invested.
If you invest or deposit money with a firm that is not authorised by us, you will not be able to complain to the Financial Ombudsman Service or claim compensation from the Financial Services Compensation Scheme.
You can check the Register to see if a firm is authorised or an individual approved by us.
If you are concerned that a firm or individual has accepted deposits without our authorisation, please contact our Consumer Helpline on 0800 111 6768.