Central Bank of Ireland issues warning about unauthorized company – Indus Loans (clone)

Central Bank of Ireland issues warning about unauthorized company – Indus Loans (Clone)

January 12, 2022Press release

The Central Bank of Ireland (“Central Bank”) released today, January 12, 2022, the name of an unauthorized company, Indus Loans (Clone) (United Kingdom) – www.indusloans.co.uk (currently inactive) in order to warn the public that it is not authorized by the Central Bank to provide financial services.

Indus Loans (Clone) advertises loans on its website, but does not hold any authorization from the Central Bank as a retail lender, pawnshop, or otherwise.

The unauthorized Indus Loans (Clone) cloned the contact details of a legitimate business authorized by the Financial Conduct Authority (FCA) in the UK. It should be noted that there is no link between the unauthorized entity Indus Loans (Clone) and the approved firm FCA, whose contact details have been cloned.

It is a criminal offense for an unauthorized company / person to provide financial services in Ireland which would require authorization under the relevant legislation, as the Central Bank is the body responsible for enforcement. Consumers should consult Central Bank records online to see if a business / person they are dealing with is authorized. Consumers should be wary of advertisements offering loans from unauthorized companies or individuals.

There are a few general steps that individuals should take before dealing with companies / individuals who claim to offer financial services:

  • If you are purchasing a financial product such as a loan, insurance, investment or pension, or if you are engaging a financial service such as investment advice, only deal with a company / person authorized by the Central Bank – consult our Register to see if the company / person is registered. Always access the registry from our website, rather than through links in emails or on a company / person’s website.

  • Always check the URL and contact details of a company / person in case it is a “clone company / person” claiming to be an authorized company / person, such as your bank or a real investment firm.

  • Consult the list of unauthorized companies. If the company / person is not on our list, do not assume that they are legitimate – they may not have been reported to the Central Bank yet.

Anyone wishing to contact the Central Bank with information regarding these companies / persons can telephone (01) 224 4000. This line is also available to the public to check if a company is authorized.

Notes to Editors

The above company name is published under the Central Bank (Supervision and Enforcement) Act 2013.

Warning

Central Bank of Ireland published this content on January 12, 2022 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on January 12, 2022 11:05:02 AM UTC.

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