Pensioners targeted in fine wine scams – the tactics to watch for

Wine has emerged as the latest lure in investment fraud, with pensioners being specifically targeted by scammers

Fine wine in a glass held by a woman
Pension investors targeted by fine wine scams – the tactics to watch for
(Image credit: Getty Images)

Wealthy older investors are being targeted by scammers pushing fake luxury wine investments, with experts warning of the dangers as one recent operation defrauded pensioners out of a total of £6 million.

Fine wine investment – sometimes referred to as a ‘passion asset’ because enthusiasts enjoy the product as well as hoping for some financial return – is a niche alternative asset market fraught with risk for the novice.

But fine wine’s typical exemption from capital gains tax (CGT) is sparking investor interest amid tightening tax rules. A report from WineCap in April found 96% of UK wealth managers expect demand for fine wine to grow in 2025 – beating out all other luxury assets.

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The proportion of fine wine in high-risk investment portfolios has more than doubled – from 12% in 2024 to 26% in 2025, the report found.

Paul Hampson, fraud expert and CEO of CEL Solicitors, said: “The luxury wine market is a popular investment opportunity that can pay off, and it’s this that makes it an easier sell for scammers to push.

“Barrels of wine or even some bottles gain value over time. Scammers will create platforms listing the wine for sale, an investor will buy it with the understanding that the seller will keep hold of it and then sell it again one day for an increased value.

“Some scammers actually do have barrels for sale, but will sell to people for an inflated cost, a cost the wine barrel will never reach, no matter how much its value rises.”

Fine wine scam example

In August, three men in Hertfordshire were convicted for stealing more than £6 million from 41 victims in a £37 million wine investment scam.

In the long-running deception, pensioners were coerced into handing over large sums of money to invest in wine, but were often overcharged – sometimes by more than 400%.

The complex wine fraud – run by Imperial Wine & Spirits Merchant Ltd, previously Imperial Wines of London Ltd – was brought down following an investigation by Hertfordshire County Council’s Trading Standards team.

The fraudsters conned hundreds of consumers out of their hard-earned cash and life savings by convincing them to invest in fine Bordeaux wine, on the back of a lie that the company didn’t make any money until they sold the wine at a profit for the customer.

In fact they marked the initial price up so high, sometimes over 400%, that for many investors, it would never increase in value over that price and some customers lost hundreds of thousands of pounds as a result.

While the majority of the wine did exist and was kept in bonded warehouses, a number of victims have no wine at all despite paying thousands of pounds.

Luxury wine scam tactics

The level of deception from those involved in the Imperial Wine scam was significant, Trading Standards said.

The fraudsters claimed to be a legitimate, family-run investment house in fine wine with offices in the City of London, Paris and Hong Kong and personal suppliers in the chateaux and vineyards of Bordeaux.

In reality it was a group in a call centre, working from scripts to cold call, cajole, lie and manipulate largely vulnerable and trusting pensioners.

Tactics such as hiring luxury taxis, wining and dining their victims, who were often recently bereaved or lonely, and sending out glossy brochures purporting to be a well-respected company were also commonplace.

Logos for well-known newspaper brands were used without authorisation. Evidence was also secured showing that the individuals used fake names when talking to their victims, all tricks learned from watching films like ‘The Wolf of Wall Street’ as company sales training – a mantra on the wall stated ‘No means Yes’.

In one case a salesperson repeatedly asked a confused lady for her payment card details despite the lady not knowing what a payment card was or who she banked with.

Trish Burls, Chair of the National Trading Standards Tri Regional Investigations team, said: “Victims in this case lost thousands of pounds through a coordinated scam of lies, deceit and manipulation.

“The criminals exploited people’s passion and enthusiasm, preying on them to invest while stripping many of their life savings and causing significant emotional distress.”

Fine wine scam signs to watch for

Scammers prey on pensioners who are sometimes isolated and vulnerable. Some victims of wine investment scams have been recently bereaved.

But others are looking for financial stability and some are simply wine enthusiasts. Anyone can be taken in by increasingly sophisticated fraudsters. Knowing the warning signs can keep your pension pot safe.

Double check the website

In some cases, the wine doesn’t exist anywhere. Scammers create fake websites, stock images and personas to appear as a legitimate wine investment platform. If in doubt, search for the images and identities listed on the website – using a tool like Google Lens or reverse image search – to see if they are repeated elsewhere on the web or stolen from a legitimate site.

Don’t get greedy

Hampson, fraud expert and CEO of CEL Solicitors, advised: “Be incredibly wary of too-good-to-be-true opportunities such as rapid payouts or guaranteed profits.” These can’t be found in other types of investment, and aren’t a feature of fine wine investing either.

Putting you under pressure is a big red flag

Scammers often use pressure tactics, mentioning urgent deadlines and using emotional manipulation. These are huge warning signs to put down the phone.

What to do if you are scammed

“If you are scammed, report it to Action Fraud and your pension provider or bank as soon as possible. You can also seek legal support to recover your funds,” said Hampson.

Laura Miller

Laura Miller is an experienced financial and business journalist. Formerly on staff at the Daily Telegraph, her freelance work now appears in the money pages of all the national newspapers. She endeavours to make money issues easy to understand for everyone, and to do justice to the people who regularly trust her to tell their stories. She lives by the sea in Aberystwyth. You can find her tweeting @thatlaurawrites