Hunt for Cash Plus money goes abroad
published:
Friday | April 11, 2008
Athaliah Reynolds, Staff Reporter
Chief Executive Officer of Cash Plus Carlos Hill is led away from his Norbrook, St Andrew, residence by police personnel yesterday. - Ricardo Makyn/Staff Photographer
The police will be conducting investigations overseas to trace funds deposited by investors of Carlos Hill's informal investment scheme, Cash Plus Limited, says Assistant Commissioner of Police Les Green.
Green told reporters, during a press briefing at the police commissioner's office on Old Hope Road, St Andrew, that following inquiries into Hill's assets, it was found that money he was said to have received from depositors could not be traced.
"In relation to the investigation to date, we received a number of complaints from depositors alleging fraud. As a result of our investigation, we identified that the financial viability of Hill and his ability to repay that money was not available," said Green.
The Cash Plus CEO and his brother, Bertram Hill, were yesterday arrested after the police carried out a raid at Hill's upscale St Andrew residence.
It was reported that Hill would have been held overnight at the Horizon Remand Centre on Spanish Town Road, Kingston, for questioning today, before any charges can be laid.
Members of the Organised Crime Investigation Division (OCID), supported by the Financial Investigations Division of the Ministry of Finance and a small contingent from the Jamaica Defence Force, conducted nine searches of residential addresses in the Corporate Area yesterday morning.
As a result, the police said they recovered a significant number of documents, computers and other related material, which are expected to help in their investigations.
From as early as 6:00 a.m., members of the OCID, led by acting Senior Superintendent of Police Fitzroy Bailey, conducted an extensive search of Hill's residence located in Norbrook.
The raid, which lasted about five hours, came to an end as policemen escorted the businessman into a heavily tinted, unmarked police vehicle and seized five high-end motor vehicles from the property.
A woman, dressed in a pink blouse and jeans skirt, said to be one of Hill's employees, wept openly as she watched her boss being driven away.
When The Gleaner arrived on the scene shortly before 8 o'clock, there were about 20 marked and unmarked police vehicles parked outside the property and several uniformed policemen armed with M16 rifles milled around.
athaliah.reynolds@gleanerjm.com
TIMETABLE
2002: Cash Plus Ltd, led by Carlos Hill, started operations in Jamaica.
May 2007: Purchased the Hilton Kingston hotel.
July 2007: Acquired Drax Hall Estates, St Ann.
September 2007: Became sponsors of the National Premier League football. The Financial Services Commission (FSC) issued cease-and-desist orders on Cash Plus, its CEO, Carlos Hill, and Kahlil Harris.
February 2008: Cash Plus announced plans to resume payments of monthly returns by March 31, but indicated that this was contingent on FSC approval.
March 2008: Cash Plus says it is unable to resume payments on March 31 and gave an April 14 date for resumption; court appointed receiver/manager.
April 9: Court-appointed receiver/manager announces that Cash Plus is broke.
April 10: Carlos Hill arrested.
Public notice
The police are asking individuals who think they might have been defrauded by Cash Plus to fill out a form which may be accessed from the national security ministry's website - www.mns.org.jm. The completed forms must be mailed to the Jamaica Constabulary Force at P.O. Box 462, Kingston.
