Islington man jailed for £1.5m gold bullion fraud

Foysol Ahmed, 37, from Mackenzie Road in Islington, London, has been sentenced to eight years in prison for defrauding a woman in Gloucestershire out of nearly £1.5m. He admitted five counts of fraud by false representation at Gloucester Crown Court on Thursday.

Ahmed posed as 'Det Insp Walden' from a London fraud investigation team, gaining the victim's trust over several months. He convinced her that she needed to buy gold bullion to be used as evidence in a secret investigation into a fake gold company. The scam ran between 31 October 2025 and 28 April 2026. The victim, who was vulnerable following the death of her husband, told the court her life had been ruined by the events. She stated she had twice planned to take her own life due to the financial and emotional impact.

The scam unfolded

The fraud began with the victim receiving a call from her bank about fraudulent activity, followed by a call from a woman claiming to be from a London fraud investigation team. The victim was asked if she would assist with a "very secret investigation". She was then contacted by Ahmed, who identified himself as Det Insp Walden. He advised her to purchase gold, which he claimed would be collected and used as evidence. Ahmed made a large number of calls to the victim, sometimes multiple times a day, and even advised her to take out a £700,000 loan, which she refused. The victim eventually contacted police, and Ahmed was arrested in London in April while on a call to her.

Aftermath and ongoing investigation

Gloucestershire Police stated that Ahmed played a key role in the fraud, making direct contact with the victim and similar calls to individuals across the country. Detective Inspector Matt Dill said other members of the criminal network were responsible for collecting and laundering the proceeds, operating as part of a coordinated fraud. The gold has not been recovered, and other suspects involved in the scam have not been identified. Ahmed will face a Proceeds of Crime Act hearing and a Criminal Behaviour Order application.

The victim expressed her anger and distress, stating: "Every day is a struggle." She hopes Ahmed does not profit from his actions after his release. Detective Inspector Dill praised the victim's strength and bravery in supporting the investigation.