Anglesey: Major fraud probe into planned holiday park owner
A major fraud investigation has been launched into an asset management company that recently bought a contentious holiday park development.The Seventy Ninth Group purchased the planned site at Penrhos Coastal Park in Holyhead, Anglesey, in January.The City of London Police said it was investigating a "suspected widespread fraud case" involving investors being offered high returns on their loans.The force said four people have been arrested as part of Operation Mold, with weapons, cash and luxury watches seized in raids in Merseyside.
The Seventy Ninth Group describes itself as a real estate and wealth management company, with headquarters in Southport in Merseyside.In addition to leisure sites such as Penrhos, it also has mining operations in Guinea and Canada.
"The Seventy Ninth Group operates in real estate, claiming to specialise in the acquisition, management and development of lucrative assets," said the force in a statement."They offer investment opportunities selling loan notes secured against properties."Investors were offered returns of between 12% and 15% on loans starting at £10,000, police added."The Seventy Ninth Group tells investors that funds are used for real estate, wealth and aviation," added the police.The group announced at the start of January it had purchased what was known as the Lands and Lakes development near Holyhead, as part of a £250m plan to build a holiday park with nearly 500 chalets and leisure facilities.According to its website, it said the park would be completed by the summer of 2025.The development was bitterly opposed by supporters of the coastal park, including a failed judicial review in October last year disputing the planning permission granted by the county council on Anglesey.
On purchasing the site at the start of the year, Jake Webster, the managing director of the The Seventy Ninth Group, said it was looking forward to developing a "world-class holiday destination in collaboration with the local community".The firm also pledged to invest £1m in local schemes on the island.The group has been approached by BBC Wales to comment on the on-going investigation.City of London Police said it carried out searches at five separate properties in connection with the The Seventy Ninth Group, seizing a "large amount of cash, weapons, luxury watches and jewellery".Four people arrested have been released on bail as inquiries continue.Responding to the investigation, the council's chief executive Dylan Williams, said: "The allegations are a cause for great concern."We will not be making any further comment until the outcome of police investigations, or any related legal proceedings, have been concluded."The City of London Police has issued an appeal for anyone who has been contacted by investors from the The Seventy Ninth Group or who work for the company to contact them as part of the investigation.
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