6:30 AM November 6, 2021

A charity has been reported to authorities after a businessman alleged he lost £50,000 in a scam. 

The Charity Commission, which regulates the sector, confirmed it was looking into a complaint about the Umbrella Foundation, a charity which was registered at an office on Magdalen Street.  

It was set up in 2019, but put into liquidation this summer after the man made an allegation that £50,000 of his money had been scammed through the charity’s bank account.  

However, the Umbrella Foundation claimed it received the £50,000 as a donation and spent it on marketing.   

The man, from Glasgow, said he thought he was transferring £50,000 from his bank account to his online account where he traded currency with a company called Genesis 11.   

You may also want to watch:

In April he said he was asked by Genesis 11 to send the money through the Umbrella Foundation’s bank account. He said it was then meant to be converted into an online currency and moved into his account, but it never was.   

He said he thought the charity was acting as an intermediary to pass the money through and he had done this previously with other organisations when paying money into his Genesis 11 account without any problems.   

“My wife was ill at the time and I had a lot on,” he said. “I had paid money into my online investment account before through a third party and the first few times I did this it was fine.   

“But this…

Read more…