Update, November 13: Two people associated with the club have been arrested on suspicion of fraud.
According to documents released by Newham Council, on October 22 £200,000 worth of DJ equipment was seized from FOLD nightclub as it was believed that the equipment was purchased with fraudulent funds.
Two people associated with FOLD have been arrested, including the director of Artsintheeast Ltd., on suspicion of conspiracy to commit money laundering. This is an ongoing investigation led by the National Crime Agency.
We will update this story as it develops.
The club is currently appealing the suspension by Newham Council.
In a statement posted to social media, FOLD have said that “serious accusations” were brought the club and the local licensing committee, resulting in a suspension of their license and an immediate shut down of the venue without a fair trial.
The FOLD team are currently appealing the suspension and are working to remain operational for events taking place this weekend with Radioactive Man, Binh, Sanisbar, Irakli and many more, as well as events taking place over the coming months.
FOLD, which is located above a print factory on an industrial estate between Canning Town and Star Lane, included an audio-visual performance space with a 24-hour license as well as five purpose-built music studios.
Keep an eye the venue’s Facebook page for any updates on this unfortunate situation.