He stood up from the chair again and went to the desk. He picked up a large white envelope and tossed it into my lap. It contained the glossy offering document for what it called the "opportunity-of-a-lifetime investment." I skimmed through the brochure. It was very convincing, and certainly gave the impression of being from a legitimate organization, with photos of supposed business offices in Gibraltar and graphs of past and predicted investment performance, all of which moved in the right direction, and with wonderful glowing testimonials from other satisfied investors.

"Why do you think it a fraud?" he asked.

"I know of two separate cases when people, including my mother and stepfather, after investing through Rock Bank Ltd, have lost all their money. They were both told that the hedge fund in which their money had been placed had subsequently gone bankrupt, leaving no assets. I have reason to believe that the funds never actually existed in the first place and the money was simply stolen."

I flicked through the glossy brochure once more.

"It's a very professional job," he said. "It gives all the right information and assurances."

If they were after "investments" in million-dollar chunks, it would have to be a professional job.

"But did you check up on any of it?" I asked.

He didn't answer, but I could tell from his face that he hadn't.

"Why didn't your mother complain to the police?" he said. "Then there might have been a warning issued."

"She couldn't," I said, without further clarification.

I thought back to his strange question at the gate about me being from the tax authorities, and his rather belligerent attitude towards me since. "Mr. Toleron," I said. "Excuse my asking, but are you being blackmailed?"

As in my mother's case, it wasn't the loss of his money that worried Martin Toleron the most; it was the potential loss of face because he'd been conned.

If I thought he would thank me for pointing out that his investment was a fake, then I was mistaken. Indirectly, he even offered to pay me not to make that knowledge public.

"Of course I won't make it public," I said, horrified by his insinuation.

"Everyone else I know would have," he said, with something of a sigh. "They would gleefully sell it to the highest bidder from the gutter press." He may have been a highly successful businessman, and he had clearly made pots of money, but he'd obviously been accompanied by precious few real friends on the journey.

He was not being blackmailed, at least he denied he was to me, but he did admit that someone had recently tried to extort money from him, accusing him of falsifying a tax return that stated he was not a tax resident in the UK, when in fact he was.

"I told him to bugger off," he said. "But it took me a lot of time and money to get things straightened out. The last bloody thing I want is an audit by the Revenue."

"So you are fiddling something, then?" I asked.

"No, of course not," he said. "I'm just sailing close to the wind, you know, trying it on with a few things."

"VAT?" I asked.

"As a matter of fact, yes," he said. "Is that why your mother didn't go to the authorities and complain?"

"Is what why?" I asked.

"She was being blackmailed."

I simply nodded, echoing my mother's belief that in not saying anything out loud, it somehow diminished the admission.

"Did you know someone called Roderick Ward?"

"Don't you mention that name here," he said explosively. "Called himself an accountant, but he was nothing more than a damn bookkeeper. It was thanks to him that I nearly copped it with the Revenue."

I wondered how on earth a captain of industry had become tangled up with such a dodgy accountant.

"How did you come to know him?" I asked.

"He was my elder daughter's boyfriend for a while. Kept coming round here and telling me how I could save more tax. I should've never listened to the little bastard."

Oh! What a tangled web he weaved, when first he practiced to deceive!

"Do you know what happened to him?" I asked.

"I heard somewhere that he died in a car crash."

"Actually, he was murdered," I said.

He was surprised but not shocked. "Not by me, he wasn't. Although I would've happily done it. Good riddance, I say!"

"He was murdered by someone else he stole money from."

"Well done, them." He smiled for the first time since I'd been there. But then the smile vanished as quickly as it had arrived. "Hold on a minute," he said. "Didn't Ward die last summer?"

"Yes," I said. "In July."

"So who is robbing me now?"

"Who gave you the offering document? Who was it who recommended the investment to you?"

"How do you know someone did?" he asked.

"No one invests in something from a cold call, or from a brochure that just drops through their letter box. Certainly not to the tune of two million dollars. You had to be told about it by someone."

He seemed slightly surprised I knew the exact size of his investment.

"Did Jackson tell you the amount?" he asked.

"So it was Jackson Warren who recommended it," I said. "You asked me who was robbing you, and that's your answer-Jackson Warren, together with Peter Garraway."

He didn't believe it. I could read the doubt in his face.

"Surely not?" he said. "Why would he? Jackson Warren's got lots of money of his own."

"Maybe that's because he steals it from other people."

"Don't be ridiculous," he said.

"I'm not. I'll show you. Do you have an Internet connection?"

But how did you get access?" Martin Toleron was astounded as I brought up the recent transactions of Rock Bank (Gibraltar) Ltd on my laptop computer screen. "You must be involved somehow."

"I'm not," I said.

"Then how did you get the passwords?"

"Don't ask," I said. "You don't want to know."

He looked at me strangely, but he didn't ask, simply turning his attention back to the screen.

"Whose is the other investment?" he asked.

"I was hoping you could tell me," I said.

"I've no idea. I've only spoken about the fund with Jackson Warren."

"Did he raise it, or did you?"

"He did. He told me at that supper that he had a great investment tip for me."

"Did he indicate that he was going to invest in the fund himself?"

"He told me he had made his investment sometime in the past, and he claimed that it had performed very well since, very well indeed. That's why he was so keen on it." He paused. "I believed him, and to be fair, you haven't shown me anything substantive to contradict that belief."

I opened one of the e-mails from Alex Reece's inbox from the previous week.

"Alex," it said. "We should expect a two-unit sum into the account this coming week from our drainpipe friend. Please ensure it takes the usual route, and issue the usual note of acceptance. Your commission will be transferred in due course. JW."

"That doesn't prove it's a fraud," Toleron said.

"Maybe not directly," I said."But did Jackson Warren tell you that he was actually running the fund that he was so keen to promote?"

"No. He did not."

"But he clearly must be running it if he's ordering the issuing of acceptance notes to investors." I paused to allow that to sink in. "Is that enough proof for you? If not, there's plenty more."

"Show me," Toleron said.

I pulled up another of Alex Reece's e-mails to the screen, this time one he had sent to Sigurd Bellido, the chief cashier in Gibraltar, about a transfer.

"Sigurd. Please transfer the million dollars, received into the Rock Bank Ltd account last week from the UK, into the usual other account at your bank. I trust your mother-in-law's health problems are improving. AR."

Martin Toleron read it over my shoulder. "That doesn't prove anything."