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.
