Tomas Carruthers was behind Project Heather which burned through millions of pounds after he began courting investors and politicians in 2018.

Just six months after moving into a new head office in George Street, Edinburgh, the project collapsed with staff owed unpaid wages, pensions and expenses, and other bills not paid.

In 2022 he kickstarted a similar initiative named Project Blackthorn but it has made little progress. Some of those who were persuaded to back him have now come forward to say they, too, have been left out of pocket.

Mike Millar, who runs a tech design business, has employed a debt collection agency to chase Mr Carruthers for almost £7,000 outstanding since last September.

“It was clearly a mistake to get involved with him, but everything seemed to be in order,” said Mr Millar on why he offered to work for Mr Carruthers. “He had answers to what had gone wrong at Project Heather.”

Mr Carruthers had hoped to resurrect Scotland’s first Stock Exchange for 50 years and enlisted initial support for Project Heather from a range of high-profile business leaders and politicians.

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