FX rip-off dotcom wound-up

Bad deal at any rate

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. ®

Related stories

£6.5m phishing duo jailed
Electronic forgery menaces humanity
Compensation for pyramid scheme victims
UK.gov computer training scam gang jailed
NatWest scraps online payment service
Directors disqualified for £3m internet scam
Teen eBay fraudster sentenced to 12 months

Sponsored: 10 ways wire data helps conquer IT complexity