FCA secures interim restitution order against illegal deposit takers

The Financial Conduct Authority (FCA) has secured an interim restitution order of just over £676,000 against 5 of the 7 defendants accused of carrying on unauthorised deposit taking by accepting money for projects including forex-trading and crypto-assets without FCA authorisation.

16 May 2022 update:

The summary judgment application against Mohammed Abdul Kabir was heard on 16 May 2022. It was dismissed and a 5 day trial will now take place, starting week commencing 27 June 2022.

10 March 2022 update:

The FCA has made an application for Summary Judgment against Mohammed Abdul Kabir. The application hearing is listed for 16 May 2022. If the FCA’s application is accepted by the Court, there will be no requirement for the June 2022 trial to take place. A further update will be provided after the May 2022 hearing.

16 September 2021 update:

A Costs and Case Management Conference in relation to our ongoing proceedings against Mr Kabir and Soccer League UK Limited was held on 7 September 2021. It was ordered that a trial of the remaining issues will take place on a date, to be decided by the Court, between 6 June and 25 November 2022.

6 October 2021 update:

The trial of the remaining issues will begin during week commencing 27 June 2022.

Mrs Justice Bacon ordered that Bright Managment (sic) Solution Limited, Mr Hussain, Mr Kahhar and Mr Miah were jointly and severally liable for repaying money to members of the public who invested. A further defendant, Soccer League International Limited, had its liability capped at just over £137,000 to reflect the short time it was involved in the unauthorised activity.

The court also made declarations that the fundraising involved unauthorised deposit-taking and ordered permanent injunctions against the 5 defendants.

The proceedings continue against 2 defendants, Mr Mohammed Kabir and Soccer League UK Limited, who oppose the FCA’s claims. The proceedings will continue with a trial on a date to be confirmed. In the meantime, injunctions freezing the defendants’ assets up to £1.3 million are in place.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said:

'This restitution order means we can take steps to repay some of the money to investors before the full case is heard by the court. The FCA will continue to pursue the case against the two remaining defendants and will seek to recover as much of the balance as possible. There is no doubt investors losses would have been worse if we had not intervened with these proceedings when we did. 

'Before beginning to invest people should always check our register to ensure that they are dealing with a legitimate firm and check out our ScamSmart pages.'

The FCA will contact all investors for further information about their investments in due course and would be grateful if all investors respond to requests from the FCA as soon as possible.

Notes to editors

  1. Read the previous press release on this case.
  2. Find out more information about the FCA.