London, UK – Interpol’s National Central Bureau (NCB) London has confirmed that Richard Kaye, the alleged mastermind behind a $1.3 million investment scam, never operated a legitimate business or bank account in the United Kingdom.
The elaborate scheme, which dates back to 2000, defrauded the late Zimbabwean diplomat, Ambassador Hurudza Punungwe and his wife. Kaye, posing as an investment broker, allegedly tricked them into investing $214,233 in a non-existent company, Lloyd Morgan Company (LMC).
Kaye reportedly worked alongside five accomplices:
- Professor David McKay
- Hendrik Vriesen
- Erik Bjertnes Jr
- Michiel Eyken-Slyuters
- Penny Willis Jones (also known as Penelope Slan Kaye)
Another fictitious entity, Thomas Barclay Group (TBG), purportedly based in Belgium and France, was also involved in the scam.
Fraud Exposed After Punungwe’s Death
Even after Ambassador Punungwe passed away, Kaye continued the deception, issuing new share certificates in Mrs. Punungwe’s name. However, when she attempted to redeem the investment in 2009, the funds were never returned—exposing the full extent of the fraud.
Kaye, who remains at large, is believed to be hiding in the UK. Zimbabwe’s National Prosecuting Authority (NPA), in collaboration with Interpol and UK law enforcement agencies, has been actively pursuing him for years.
Interpol Confirms Lloyd Morgan Group Never Existed
In a formal request, Zimbabwe’s National Prosecuting Authority (NPA) Asset and Forfeiture Unit, led by Mr. Chris Mutangadura, sought mutual legal assistance from the UK’s Competent Authority.
In response, Interpol London confirmed that:
- Lloyd Morgan Company (LMC) does not exist
- No bank accounts related to LMC have been found
- An International Letter of Request (ILOR) must be submitted for further legal action
Zimbabwean authorities are currently preparing the necessary legal documents to escalate the case.
Cross-Border Fraud and the Challenges of International Justice
For more than two decades, the Punungwe family has been seeking justice, enduring severe financial and emotional distress. Fraudulent investment scams like this underscore the importance of international cooperation in fighting economic crime.
Richard Kaye’s ability to evade justice for so long highlights the challenges of tracking cross-border fraudsters. By exploiting multiple jurisdictions, Kaye and his associates have successfully obscured their tracks, complicating efforts to extradite and prosecute him.
