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Fraud Squad investigates City Trucks
Page 7
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The Fraud Squad last week raided the premises of five former City Trucks executives in connection with alleged fraud amounting to £15m.
The move comes after investment firm GE Capital launched a writ in the High Court last year against the firm. It claims that City had forged documentation to mislead it about its financial status in order to get credit
In 2000, GE Capital agreed to extend its credit agreement with the Mifton Keynes-based haulage firm, which went into administration last yeae to cover unpaid invoices. The money would then be repaid when the invoices were collected.
But GE Capital alleges that the haulage firm produced fake invoices to boost its finances. Then when it went into administration it was unable to retrieve the funds it was owed (CM14-20 Feb).
GE Capital is now suing former City executives David Gee, Kevin Smedley, John Steel and Kevin Ritchie for the money.
A spokesman from City of London Police says: "Five search warrants were issued last Thursday [10 July] for premises across London, the SouthEast and the Midlands. Documentation was seized in relation to an allegation of confidential invoice discounting fraud. No arrests or charges were made and ongoing investigations will continue."
GE Capital and City's former directors were unable to comment as Commercial Motor went to press.