Cash Plus Limited, once the talk of Jamaica, can’t hide from the spotlight being shone on its entire operations. It’s not only the company that’s feeling the heat, so are the 40,000 investors and company president Carlos Hill, who await their fate.

The spotlight beamed on Cash Plus recently after the company sought court approval to appoint a receiver-manager to take over its operations and oversee its disbursements to its lenders. Some investors cried fraud. Court appointed receiver-manager Kevin Bandoian said that Hill revealed that the company couldn’t produce the required funds for disbursements now or anytime in the near future.

The Cash Plus Group of Companies is made up of 12 operations covering financial services, security, industrial, distribution, gaming, tele-communications, entertainment, and development. It appears that Hill might have misled authorities about the total number of operations it owned, including the Mainland International, the Drax Hall Estate in St Ann and the Hilton Kingston hotel.

Jamaican Assistant Commissioner of Police in charge of the Major Investigations Task Force (MIT), Les Green stated the contrary saying the property purchase deals were incomplete: "There are claims made about the ownership of assets that might not be true, and that is all part of the fraudulent activities that we are investigating".

Cash Plus Limited’s claim to fame began in 2002 as a small investment club that provided 200% return on your investment with a minimum US$ 100,000 investment. The company and its investors grew rapidly claiming 12 subsidiaries and 40,000 lenders, acquiring expensive properties island-wide.

According to the former secretary of the Jamaica Banker's Association, Shirley-Ann Eaton: "Initially, it starts small with a few people you know, then because the returns are good and more and more people get involved, in order to maintain it, you have to have a larger and larger number of people……None of this is any surprise to me, It was just a matter of when."

She went on to caution: “There are lessons to be learned, by both the investors and the authorities. People must recognise they have a responsibility to find out if the schemes they invest in are bona fide. It is very simple to do. You pick up your phone and you call the bank of Jamaica or you call the FSC (Financial Services Commission). There is sufficient information out in the public to know who the regulators are ...".
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