{
  "id": 14442256,
  "title": "Investors in collapsed jeweller Vashi 'could be compensated' after watchdog ruling",
  "url": "https://urgent.news/2026/10/14/investors-in-collapsed-jeweller-vashi-could-be-compensated-after-14442256",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-14T11:38:20.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/news/uk/2026/10/14/investors-in-collapsed-jeweller-vashi-could-be-compensated-after-ruling-by-watchdog/"
  },
  "original_language": "en",
  "account": "The Financial Ombudsman Service has overturned its initial decision regarding claims from investors who lost money when jeweller Vashi collapsed in April 2023. The company, which owed £170 million, had promised to use its diamond stock to reimburse investors if it failed. However, an investigation revealed the stock was worth only £114,000. Founder Vashi Dominguez disappeared, and an investigation by The National uncovered how he used the diamond stock and inflated sales figures to raise millions. The Ombudsman initially ruled against a group of investors seeking compensation under the authorised push payment (APP) scam reimbursement scheme. However, in his latest ruling, Stephen Dickie found that Vashi's business model was a \"falsehood\" and likely a deliberate fraud. This decision now allows Mr and Mrs C, who lost around £100,000, to receive their money back from their bank, NatWest. The decision could also lead to millions more being returned to other investors under the APP scheme. Dickie stated that NatWest should have been vigilant about unusual transactions, given their obligations under the APP scams code.",
  "summary": "A financial watchdog has ruled that investors who lost money when the jeweller Vashi collapsed can receive compensation under an anti-fraud scheme. The company folded in April 2023 with debts of £170 million, and investors, many of whom are from the Middle East , believed its diamond stock would have been used to reimburse them if the company failed. But when the safes were examined, it turned…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "Investors in collapsed jeweller Vashi 'could be compensated' after ruling by watchdog",
        "url": "https://urgent.news/2026/10/14/investors-in-collapsed-jeweller-vashi-could-be-compensated-after",
        "published": "2026-10-14T11:38:20.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}