Tony Hetherington, the Financial Mail on Sunday’s esteemed investigative journalist, is renowned for his tenacity in advocating for readers, uncovering hidden truths, and securing justice for those financially wronged. For those wishing to reach out, his contact details follow this report.

Recently, a law firm based in Stoke-on-Trent, previously highlighted by The Mail on Sunday for its involvement in a fraudulent investment scheme, has been shut down by regulatory authorities. The firm’s closure follows its role in a scam that swindled an elderly pensioner out of his entire life savings, amounting to £500,000. As a consequence, the firm’s principal has been permanently disbarred from practicing law.

Back in May, we covered the story of an 81-year-old reader who fell victim to an enticing yet deceitful offer of secure investments in loan bonds. These bonds were purportedly from reputable companies such as Tesco, National Grid, and Metro Bank.

The offer was presented under the guise of coming from Capital Group, a legitimate firm listed on the Financial Conduct Authority’s public register. The documents sent to the pensioner promised attractive annual interest rates of 6% or more, surpassing the 4.99% return he was receiving from his Kent Reliance account. The promises included monthly payments and assurances backed by a supposed century-long track record of helping clients achieve their investment and retirement objectives.

Unfortunately, after proceeding with the investment, the pensioner received neither the bonds nor the promised interest. Realizing he had been defrauded, he sought assistance, leading to the discovery that criminals had cloned the legitimate Capital Group’s information to perpetrate the scam.

Banned: Former solicitor Ajaz Ali refused to say what had happened to the scam victim’s cash

After going ahead with the investment but receiving neither bonds nor interest, the investor realised he had been cheated and asked for help. It quickly became clear the offer actually came from crooks who had cloned the real Capital Group’s business details.

Going through paperwork handed over by the investor, my first check was into the crooks’ email address at capitalgroup-am.com. I found this had been set up as recently as September 2024 to impersonate the genuine company’s website at capitalgroup.com. 

I contacted the genuine Capital Group, which did not seem surprised and appeared to know its name was being misused. It told me: ‘We are vigilant in working to take down fraudulent websites quickly and do everything we can to help authorities identify these bad actors.’

The Financial Conduct Authority published an alert on its website, warning against the clone, but this came too late to help as the half a million pounds invested had already vanished.

And this is the oddest aspect of the scam. For the pensioner had been reassured by the fact that he was not asked to send his money to a foreign country, or even to a foreign bank. 

The crooks instructed him to send payment for the bonds to Barclays bank at Newcastle-under-Lyme in Staffordshire, to be credited to the account of Kenneth Jones Solicitors, based a couple of miles away in Stoke-on-Trent. What could be safer?

I have a copy of the internal bank transfer documents, showing that the pensioner’s own bank – Lloyds – did send the cash. It scrupulously checked who was behind the Barclays account, and confirmed that it really was Kenneth Jones Solicitors.

My checks on the law firm showed nothing unusual. It was set up in 2013, with its head office in Stoke-on-Trent and a branch in Wolverhampton. Kenneth Jones himself retired in 2014, but the name of the firm was unchanged.

It was headed by Ajaz Ali, now 48, who qualified as a solicitor in 2010. And the firm advertised that it handled conveyancing, compensation claims, wills, trusts, family law and immigration cases. There was nothing unusual about it, and it had a clean record with the Solicitors Regulation Authority (SRA).

But when the scam victim called the firm to ask what it had done with his money, he was told that Ali would call him back. He didn’t. And when the victim called again, whoever answered his call hung up when they heard his name. I put my own questions to Ali, pressing him to say what he had done with the missing money. He refused to answer.

I also contacted the SRA, inviting it to check and see if Ali had carried out the normal checks to identify his client, who would receive the huge sum that had landed in the Kenneth Jones account. 

It turned out the SRA was already familiar with Ali’s firm. It was seriously concerned over the disappearance of the £500,000 – but it was also investigating a separate complaint that ended with a disciplinary hearing in July.

This involved the sale of a Bedfordshire pensioner’s home for a fifth of its true value. The deal was supposed to allow him to remain in the property for the rest of his life, but actions by the buyer ended with the local authority having to rescue him and move him to emergency accommodation. Ali had mishandled the property sale and was fined £40,000 plus £28,000 costs for reckless misconduct.

Meanwhile, another investor came forward to say he had also fallen victim to a scam. He had parted with a six-figure sum that also disappeared into the bank account of Ali’s firm.

After carrying out its own investigation, the SRA has now closed down Kenneth Jones Solicitors. A few days ago, its offices stood empty and locked.

The SRA said: ‘There is reason to suspect dishonesty on the part of Mr Ali, as a manager of the firm, in connection with the firm’s business. We have prohibited this person from practising as a solicitor.’

Ali could not be contacted for comment. He remains a director and one-third owner of MLA Homes Limited, a property company based in Birmingham.

However, he has updated his internet Linkedin page. It still describes him as ‘Skilled in conveyancing, immigration law, family, litigation and wills and probate. A strong professional with the client’s best interest always at heart’, but Ali now gives his occupation as ‘Former Solicitor’.

If you believe you are the victim of financial wrongdoing, write to Tony Hetherington at Financial Mail, 9 Derry Street, London W8 5HY or email tony.hetherington@mailonsunday.co.uk. Because of the high volume of enquiries, personal replies cannot be given. Please send only copies of original documents, which we regret cannot be returned.