Chelsea FC dumps City firm CWM FX, which is at the centre of police fraud raid

City of London police raided offices at the Heron Tower on Bishopsgate in early March (Source: Getty)

Chelsea Football Club has ripped up its partnership agreement with a firm that was raided by the police’s fraud squad earlier this month, City A.M. understands.

CWM FX became the Premier League club’s official online forex trading partner at the start of the year, as part of a spate of glamorous marketing deals aimed at various sports.

CWM’s offices at the Heron Tower on Bishopsgate were raided on 3 March by the City of London police, resulting in 13 people being arrested.

Police this week appealed for anyone who has invested in a CWM managed fund – specifically those offering five per cent interest a month – to contact the authorities.

CWM’s senior executives have been enjoying live matches at Stamford Bridge, and invited IBF World Super Bantamweight boxing champion Carl Frampton to their corporate box for the crunch clash against title-holders Manchester City at the end of January.

Chelsea believed the deal with CWM FX would be relatively minor, yet the police raid had the potential to cause embarrassment to the west London side.

City A.M. understands that certain requirements contained in the original agreement were not satisfied by CWM, resulting in the deal being terminated.

There is no suggestion of wrongdoing connected with the agreement between CWM and Chelsea. A CWM statement from earlier today, regarding the police enquiry, said: "There is no sustainable basis for these allegations." It added:

CWM believe that they have been the victim of an orchestrated campaign initiated by individuals motivated by personal animosity.

CWM understands from third parties that clients have received calls from an individual; the purpose of the calls appears to have been to raise doubt about CWM as a business. Despite requests made of the police, they have thus far failed to provide the name of a single investor who has raised concerns with them.

CWM have made an offer to the City of London Police to ring fence funds, additional to those invested, to underwrite investors’ protection and allay any genuine concerns.

As well as signing a partnership agreement with Chelsea in January, CWM FX also sponsored the London Boat Show, where Constantinou and general manager Craig Droste met and spoke with Princess Anne.
It has also signed deals with boxing legend Barry McGuigan, a MotoGP racing team, another car racing team named SV Racing, and rugby league giants Wigan Warriors.
On Tuesday this week, police urged investors in some of CWM’s managed funds – those that offered five per cent interest a month – to come forward. As well as making the 13 arrests on 3 March, “detectives, supported by the Financial Conduct Authority [the City’s watchdog], also seized a host of computers and documentary evidence,” police said.
Anyone who has invested in the funds is being asked to call the police on 020 7601 6830 or to contact Action Fraud on 0300 123 2040 or to visit the website:

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