PEOPLE are being urged to think twice before handing over money to a gambling consortium.

Lancashire Trading Standards say people should approach the London-based scheme with caution.

The company - The Racing Consortium - has sent out mail-shots asking for money to be sent to them so they can gamble it on horses.

One of the letters was sent to Granville Broadhurst of Accrington.

He said: "I know my initials are GG, but this is a bit much!"

The letter says: "We gamble your money for you and, after every two weeks, we pay out 75 per cent of any winnings that have accumulated in that time.

"Our aim is to put you in the position of never having to back another loser again as we foot the bill for losers that may occur."

The letter says the organisation has inside information from stables and that they have made an income from the gambling industry for years.

Interested punters have to pay a minimum of £100 which would, they are told, make a fortnightly profit of £360.

The letter goes on: "When you win you win and if you lose you win! You never risk a penny of your own. We gamble your money and make us both a profit."

Chris Allen, area manager with Lancashire Trading Standards, said: "It's just too good to be true. I certainly wouldn't put my money in and I urge people who receive this to approach with caution."

A gambler added: "There's no scheme in the world that could assure you that you will never lose."

The company could not be reached for comment. No telephone number is listed at its address in Shoreditch High Street.

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