EXPOSED 2
Episode 6 “French Wine Scam”
Monday 17 March, 2014
In 2013, “Jagdish Dhavan” was sentenced to eleven months imprisonment for committing criminal breach of trust. He had masterminded a wine scam. Twenty investors poured nearly $176,000 into the Jagdish Fine Wine investment company to buy high-quality French wine so they could sell it for a profit in the future. They received certificates apparently from Grand Cru Storage attesting that their wines were safely stored at a facility in Bordeaux, France. But it was all a sham. The certificates were fake and in many cases, no wine had been purchased. At times, he sold the wines without the investor’s permission. Jagdish promoted the idea of getting rich with wine by even being featured in a well-known magazine.
This episode serves to raise awareness of this fairly new scam which has arisen as a result of an increased interest in wine investment in recent years.