Canadian arm of alleged £250 million 79th Group Ponzi scheme faces expanded receiver probe

The receiver of the Canadian division of the 79th Group, a group of companies alleged to have orchestrated a £250 million Ponzi scheme, is seeking wider investigative powers after tracing more than C$17 million in withdrawals and transfers and encountering what it describes as evasive or inadequate responses from individuals connected to the group.

TDB Restructuring has asked the Ontario Superior Court of Justice to authorise an examination under oath of John Dicks, a director of The 79th GRP Ltd., Lusso Tesoro Ltd. and 79th Resources Ltd. The receiver also wants power to examine anyone else reasonably believed to have knowledge of the companies’ property or financial affairs.

The proposed order would give TDB powers similar to those of a Canadian bankruptcy trustee. It would require Dicks to produce agreements, correspondence, text messages, emails, invoices, bank statements and other records, and to disclose the existence of any relevant books, data or computer systems in his possession or control. Privileged material would remain protected.

The application is the latest step in the Canadian proceedings opened alongside the UK administrations. In November 2025, the Ontario Court recognised the UK administration proceedings as a foreign main proceeding and appointed TDB as receiver over four Canadian companies connected to the group.

The Canadian receivership followed the UK administrators’ discovery that approximately £6.5 million in investor funds had been transferred to the Canadian entities through allegedly improper or unexplained payments.

Since its appointment, the receiver has recovered C$617,272.72 held in trust by a Canadian law firm, identified two mining claims in Northern Ontario and filed a proof of debt for approximately £2.03 million in the Isle of Man liquidation of Seventy Ninth Air (IOM) Limited. That claim relates to funds advanced for the acquisition of an aircraft.

TDB also obtained bank records directly from Canadian financial institutions. Its review found that more than C$17 million was withdrawn or transferred from the Canadian companies’ accounts between 2022 and 2025. The accounts had been closed with nil or minimal balances. Most of the transfers appear to have been made to other 79th Group companies. The receiver is working with the UK administrators to trace the funds, but says it has not established what business the Canadian companies conducted, why the transfers were made or whether further recoverable assets were acquired.

TDB says its investigation has been hampered by a lack of cooperation from Dicks and members of the Webster family.

The receiver first contacted Dicks in January 2026. Despite his role as a director of three Canadian companies, he reportedly said he had no relevant information about their affairs. He later denied possessing company property, books or records and initially sought to limit any discussion to a narrow set of topics.

After TDB warned that it could seek court relief, Dicks provided brief written responses concerning the companies’ business activities, governance, financial records and assets. The receiver described those responses as evasive and inadequate and says an examination under oath is now required.

The receiver separately sent a detailed information request to David, Jake and Curtis Webster in March. Jake Webster initially said a response would follow, but later directed TDB to seek the information from the administrators of the UK parent companies.

A Canadian lawyer subsequently told the receiver that he expected to be retained by the Websters and would respond. TDB says it has received no further substantive information and does not know whether the Websters ultimately retained Canadian counsel.

The receiver argues that fuller evidence from the directors could assist in identifying additional assets, tracing unexplained transfers and assessing possible recovery claims. It says the court-ordered examination is needed to determine whether litigation or other enforcement steps could produce returns for creditors and investors.

No decision appears to have been rendered at this point.