Insolvent Claims Solutions Ltd, company registration number 08669087, is a legitimate UK company. It is not the subject of this article. Unfortunately, the company name has been cloned by a group of scammers pretending to be Insolvent Claims Solutions. This fake group has been operating a follow-on-fraud initially targeting the victims of the European Property Coin scam, but which will undoubtedly expand into other scams.
We have covered European Property Coin many times because we assisted an investor to force the company behind the fake coins into liquidation. The case is now with a large insolvency practice which is undertaking an investigation. At the last count we had discovered 46 UK bank accounts linking to this scam.
The fake Insolvent Claims Solutions has been contacting investors claiming that THEY have been appointed as the liquidator. They haven’t. It is the standard follow-on-fraud whereby at some point they will ask the victims to pay some money. They will claim they have recovered the victims’ investment but they need the investor to pay them an advance fee before they can release it. That is the usual ploy.
We are being notified of follow-on-frauds on a regular basis. We see the whole range of follow-on-frauds from the most amateurish efforts through to the multi-layered professionally presented structures. The fake Insolvent Claims Solutions falls somewhere in the lower middle of the range, towards the bottom end.
The link below is a letter received from Edwin Watson (false name) explaining his offer to investors. We have removed the name and identifying links of the investor who received this letter.
We often see follow-on-frauds adopting the name of a legitimate company to throw investigators off the scent. This letter did not originate from Insolvent Claims Solutions Ltd. It is a case of stolen identity and we will explain why. It is without doubt a scam and any letter in the name of Insolvent Claims Solutions stating that it is a licenced insolvency practitioner will be a follow-on-fraud.
You will note in the letter that Edwin Watson of Insolvent Claims Solutions states it has been “appointed as the liquidators of EPC”.
That’s the first mistake. There is no EPC. A professional liquidation firm would have used the name of the firm which had been liquidated, not the product it was selling. This is like Microsoft being put into liquidation and the liquidator then writing to investors to say that it had been appointed as the liquidator of Windows 10.
Edwin Watson then makes statements regarding the High Courts (apparently he is working with several of them which is a surprise) and mentions the possibility of compensation. This is the hook he is using to get people interested.
It should be noted that Edwin Watson then appears to lose track of the company he is claiming to be employed by. He signs off as “Insolvent Claims Solutions” which is the name used throughout the letter, but the company name in the footer of the letter is “Insolvency Claims Solutions”. A word of advice for any scammer – try to remember which company you’re pretending to represent.
The final nail in the coffin for this scammer is that the domain name for his email address and website was purchased on 20th August 2019 and is registered in China.
If you would like to see how much effort these scammers put into their websites you can view their scam website here.
PLEASE REMEMBER THAT THIS IS A LINK TO A SCAM WEBSITE and it is not a genuine company. Efforts are underway to have the website taken down. If the link does not work it will be because the website has been forcibly removed.
Any letter from Insolvent Claims Solutions or Insolvency Claims Solutions in which it claims to be a liquidator will be a follow-on-fraud. If you send money to any bank account given to you by the fake group you will lose all your money !