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A UK internet company that offered cheap currency exchange but ripped off punters instead has been wound-up following an investigation by the Department of Trade and Industry (DTI).

Cheaper Currencies.Com Limited (CCC Ltd) claimed to be backed by foreign exchange (FX) experts and boasted that its rates were more competitive than banks and travel agents.

In particular, CCC said it could offer preferential FX rates for large transactions such as buying property and importing cars.

But instead of carrying out currency exchanges the outfit, whose registered office was in Wilmslow, Cheshire, pocketed cash leaving punters trying to figure out where their money had gone.

In one transaction CCC banked £105,000 while the FX cheque it sent out bounced.

Investigators believe victims of the scam have lost almost £250,000 between them. ®

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