A fraud worth more than half a million pounds was uncovered after alert bank staff in Plymouth raised concerns about a customer attempting to transfer a large sum of money.

The case centred on an investment scam that targeted victims, often older people, who believed they were buying into shares, currencies, commodities or cryptocurrency through what appeared to be a legitimate financial firm.

Stephen Kpere-Daibo, 48, of Guildhouse Street in London, appeared at Southwark Crown Court for sentence on Wednesday, May 6, having been convicted of money laundering in a case prosecuted by Devon & Cornwall Police.

Kpere-Daibo was jailed for five years.

During Kpere-Daibo’s trial, the jury heard how the investigation was launched in August 2018 when Devon & Cornwall Police were contacted by a bank in Plymouth.

The bank reported that an elderly customer was trying to transfer a large sum of money, leading concerned staff to believe he was the victim of fraud.

Officers attended, and it was established that the man was a victim of an investment fraud concerning a company called Beside Asset Management.

The investigation – known as Op Flycatcher – showed that Beside Asset Management did not exist.

Examination of the account the Plymouth victim paid into revealed a string of victims who had invested with Beside Asset Management and other fraudulent investment companies.

These companies attracted victims with supposed investments in currencies, including cryptocurrencies and initial public offerings (IPO) of shares for companies such as Lyft, Airbnb and Saudi Aramco.

Those behind the conspiracy set up fake websites for each company and contacted victims through cold call phone calls.

Each victim was provided with login details to track their investment, and after making an initial profit, they agreed to invest further.

Contact between the victims and fraudsters continued for months via phone calls and emails.

However, when they tried to withdraw money, they were given a variety of excuses, including having to wait 90 days, them not having invested enough, the money being tied up in China or needing further money to be paid to get it released.

Each victim paid their money into a variety of different accounts, none of which were in the name of the company they invested with.

The reporting of the suspicious activity in Plymouth resulted in 17 victims across the UK being identified, with the total fraud worth £582,085.38.

Kpere-Daibo, a former financial advisor, was identified in relation to the fraud after sums of cash were shown as having been transferred to him.

Kpere-Daibo was also linked to companies involved in the fraud.

Financial investigation showed that Kpere-Daibo had received payments initially invested by the victims and spent the money on meals out, hotels, football tickets and paying credit card bills.

He was arrested at Heathrow Airport on 26 January 2019 and found in possession of a bank card for an account the victims had paid into.

Three electronic devices were seized from Kpere-Daibo and examined, and officers discovered spreadsheets with several victims’ names and details on them.

Kpere-Daibo answered no comment to all questions asked in the interview.

DI Dan Parkinson said, “Sadly, this crime type is on the rise. Nationally, criminals stole £879.8 million through investment fraud last year - an average of £2.4 million a day.

“As a force we are committed to working with partners, to identify and prosecute not only those who commit this type of crime, but also those, like Mr Kpere-Daibo, who launder the money on behalf of criminals. To help protect anyone considering investing, I would urge people to follow the below advice.”

• Before making any investment, use the FCA’s firm checker tool to confirm whether a firm or individual is authorised. The tool can be accessed via the FCA website and is one of the most effective ways to avoid cloned firms and bogus advisers.

• We encourage anyone considering an investment to be cautious of unsolicited messages, adverts promising unusually high returns, or requests to keep the offer “confidential”.

• Report any suspicious activity to Report Fraud as soon as possible at www.reportfraud.police.uk or by calling 0300 123 2040. You can also contact the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or report suspicious businesses or individuals by using the reporting form on their website.

Ruth Ray, Managing Director of Economic Crime at UK Finance, said: “Fraud can have a devastating impact on victims, and schemes such as the Banking Protocol are an important part of the industry’s efforts to prevent it.

Under the Banking Protocol, bank, building society and credit union staff are trained to contact the police immediately when they suspect a customer is being defrauded.

“The scheme has been highly effective since its introduction, preventing over £433 million of fraud and resulting in more than 1,662 arrests.

“This case is a strong example of the collaboration between the police and the banking sector, and the protocol will continue to play a vital role in preventing fraud at the earliest opportunity.”