"Investors claim that, when the facade was exposed, they still hoped they could be bailed out by the £157m worth of diamonds they were told were held in stock. However, the remaining gemstones were valued at just £100,000, a BBC Panorama investigation claims. In 2021, allegedly incorrect accounting figures were published on Companies House, recording sales of more than £100m when the real sales figures that year were reportedly only £5m."
"Despite the struggles, Mr Dominguez is said to have paid for luxury cars and several flats in central London. The company eventually went bust in April 2023. Liquidator Benji Dymant claims creditors are owed £170m and that more than £100m of that is owed to investors. Mr Dominguez is said to have disappeared. Bank statements show he flew to Dubai on the day the court ordered the company to be wound up. He has not been located since."
Vashi Dominguez ran jeweller stores in Birmingham, Manchester and a Covent Garden flagship. Investors were told the business held £157m of diamonds, but remaining gemstones were valued at £100,000. In 2021 Companies House figures reportedly recorded more than £100m in sales while actual sales that year were about £5m. Staff reportedly staged activity in stores as footfall fell. Despite struggles, Mr Dominguez reportedly bought luxury cars and central London flats. The company went bust in April 2023. Liquidator Benji Dymant says creditors are owed £170m, with over £100m owed to investors. Bank records show he flew to Dubai the day the company was wound up and has not been located.
Read at Irish Independent
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