Businessman in court over £115 million 'Ponzi' scam

A businessman has appeared in court accused of masterminding a sprawling £115 million scam that claimed a series of high-profile victims.

Kautilya Nandan Pruthi, 39, is charged with 30 fraud offences including running a bogus business, money laundering and obtaining money by deception from his base in Knightsbridge, central London.

He was charged in July following an investigation into a gang suspected of cheating at least 600 people around the world.

People were persuaded to invest in an apparently high-yield fund, but the money was allegedly siphoned off to fuel the lavish lifestyles of those behind it.

Victims are believed to include a 1960s pop star, a household name from television and the cricketer and Strictly Come Dancing champion Darren Gough.

The swindle is said to be one of the biggest "Ponzi" frauds, a crime made famous by disgraced Wall Street broker Bernard Madoff, yet detected in Britain.

Pruthi appeared at City of London Magistrates' Court.