Bogus website – Island Private Swift Ltd

This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30 of the Financial Services Act 2008.

Island Private Swift Ltd (“the company”)

ipswltd.com (“the website”)

info@ipswltd.com (“the email address”)

The Authority has become aware of the website listed above. 

The website claims to represent the company and states that it has an Isle of Man address, namely IPS House, 49C-B Circular Road, Douglas, Isle of Man IM1 1AZ.  As far as we can ascertain there is no such legitimate address in the Isle of Man.

The website purports to offer a wide range of financial products including but not limited to money transfer and foreign exchange services.

The Authority has also seen emails from the potentially bogus company signed off by a Dr. Abdul Wahab as Director, Foreign Currency Operations within the organisation.

The Authority wishes to draw attention to the following observations:

The Authority has failed to establish any association between the website and any genuine Isle of Man companies or businesses.

To offer the financial services and products mentioned within the website in or from the Isle of Man, would require them to be licensed or registered by the Authority. The company is not licensed or registered with the Authority.  A list of all entities licensed or registered by the Authority can be found at:

https://www.iomfsa.im/register-search/

Under the circumstances, the Authority is concerned that any person who has accessed the website may potentially become the victim of fraud, or it may be an attempt at gaining personal data from the browser in order to steal their identity.

General advice on how to avoid becoming a victim of identity theft and advanced fee frauds can be found on the Action Fraud website at http://www.actionfraud.police.uk/ID and http://www.actionfraud.police.uk/fraud-az-advance-fee-fraud respectively.

Any persons who are already involved in any dealings with the website should consider notifying their local Police, bringing to their attention the contents of this notice.

Anyone with general concerns concerning any individual or company holding themselves out as conducting a regulated activity in or from the Isle of Man without the requisite licence should contact the Enforcement Division at the Authority on +44 1624 689311 or by e-mail to enforcement@iomfsa.im for advice.

Authority Reference:  NR/01/2025 – 2 January 2025