Warning: Fake Insolvency Service letters, emails and phone calls used to defraud investors

4 October 2024

The Insolvency Service has published an alert regarding scam emails, letters and phone calls purporting to be from the Insolvency Service, targeting victims of previously failed investment schemes.

Fake Insolvency Service letters claim that third party companies have been authorised to assist with the recovery of lost investments. These companies are registered with Companies House and are themselves being impersonated by the scammers.

Victims are pressured to pay upfront fees, supposedly to cover tax, third party fees or other administrative costs. They are advised that these fees are refundable and where victims are persuaded to transfer money, they are provided with bank account details in the name of unconnected parties and limited companies. The victims are advised to lie to their bank if the transfer is queried.

The fake letters have the Insolvency Service logo, telephone numbers appearing to be linked to the Insolvency Service and fake signatures of staff members.

In many cases the investment companies in which money has been lost have entered into formal insolvency. Members should be aware of this issue if they are appointed on any case relating to failed investment schemes. The Insolvency Service has now set up a scam alert page which can be viewed here.