A man has been found guilty of money laundering after being part of a criminal network that sold diamonds for 30 times their value.

Farouq Eshpari, 52, from Enfield, was convicted for helping to con £1.5million from at least 50 people across the UK.

Brothers Omar and Hider Eshpari had already admitted to charges of conspiracy to defraud while their mother Safia pleaded guilty to money laundering.

The network cold-called potential investors and claimed that the coloured gems had been extracted from Australian mines which were due to close and as a result were on offer at 30% below the market rate.

In reality the gems were being bought from retailers and then sold on to investors at up to 3,000 per cent there true value.

Much of the £1.5 million taken from victims was funnelled off by the gang to accounts held overseas with tens of thousands of pounds also being spent on luxury items and in stores such as Harrods and Selfridges.

Anna Foord, 30, who was also convicted with Farouq, was responsible for the day to day running of Stonehouse Global Market and often visited investors’ homes to show them the gems and close the sales before transferring the funds into her personal account and onwards to Farouq and Safia Eshpari.

The company operated for 18 months, closing down in early 2013 by which time Omar Eshpari had been jailed for seven years for his involvement in a separate land banking investment fraud.

Foord, however, continued to sell diamonds and was in the process of setting up a jewellery business when she was arrested by City of London Police detectives in June 2013.

Detective Constable Claire Bailey, who led the investigation for the City of London Police, said: “Boiler room fraud is a crime that destroys retirements and ruins lives.

Victims were led to believe they were investing their savings in diamonds that could only increase in value and would provide them with regular and healthy dividends when in reality they were putting their money and trust in a carefully constructed scam designed to make the fraudsters a fortune. 

“The City of London Police are very pleased this complex and extensive investigation has finally resulted in this organised crime gang facing the justice they deserve, something that I hope will provide some solace to their victims."