PGI Global U.K. has been closed down after allegedly defrauding potential investors out of approximately 612,425 pounds ($709,000) between July 2020 and February 2021. According to an announcement on the UK Government’s website on Thursday, the firm was dissolved by the UK High Court, and the Official Receiver was appointed as liquidator. “Investors were promised up to 200% returns, but when these did not materialize, investors were unable to withdraw the funds they had invested,” the UK government stated. Given PGI’s lack of cooperation, failure to maintain and deliver adequate accounting records, failure to comply with statutory obligations, and lack of transparency, the company’s closure was deemed a matter of public interest.
