According to the DTI, Wilmslow-based Cheaper Currencies.Com
offered cheap currency exchange and related services, claiming that
its rates beat high street outlets such as banks and travel
agents.
However, a DTI investigation revealed that the company was
cheating its customers, issuing six-figure cheques that bounced and
transferring customers' cash to bookmakers without explanation.
In a brochure aimed at property clients, Cheaper Currencies
claimed to have been formed by a team of specialists whose joint
expertise covered some 50 years in the foreign exchange markets.
The Companies Investigation Branch found that this claim was
bogus.
The company has now been wound up, and the Official Receiver
appointed liquidator of the firm.
