Fraudulent EPS Claim

Posted 19/05/2009 - 08:06 by ng

I'm posting this at the request of the originator and for the benefit of depositors. There does not seem to be any impact on depositors, other than that EPS claims may be delayed. In other words, no cause for alarm - this is a problem for IoMT rather than us.

Summary of Fraud Incident as requested.

Please could you alert depositors to a scam operating on the Treasury Early

Repayment Scheme.

We have a number of accounts at KSF Iom and made application to Iom Treasury
on 7 May for the Early Repayment Scheme. We then discovered on two of the
accounts that someone had already contacted the Treasury on 22 April,
supplied them with another email address, submitted fraudulent account
information and been paid out GBP 20000. On examination the Treasury
documentation is fraught with problems-there is no place on the
documentation for a signature and payment can be made to any nominated
account. This is how our funds have ended up with a Mr A Adeyemi. Rachel
Hargreaves at Treasury has agreed to still pay us as obviously this fraud
occurred through no fault of ours and has submitted this case to the Serious
Offences Unit. The funds however could not be recovered and have been lost
by the Treasury.

Of concern is that the Treasury have virtually no system in place to check
that the funds are paid to the correct beneficiary. There is no signature
required on account detail form and any beneficiary account can be
specified, unlike the vigorous requirement at KSF Iom where funds will not
be paid to any account not in the account holders name. It is difficult to
have any faith that the Treasury can be trusted to properly administer any
Scheme of Arrangement with such poor controls and disciplines.

We are concerned that other depositors who have not followed up receipt of
the Early Payment will also be affected and we urge all Depositors who
submitted a claim to follow up that payment has been received.

Kind regards,

Concerned Depositor

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