MCO Capital loan

grahamqat

What's even funnier is what the authorities want us to believe. Apparently MCO are innocent victims of ID fraud (£1.5M). Close the web-site down to avoid losing more money? No let's open 19 more across Europe so we can get this up to £30M. Ha ha ha ha.

alan_se

Grahamqat - I'm not trying for some warped one-up-manship here but Elaine1965 had already found 76 similar websites in this innocent business 'empire' ! :-

Elaine1965 wrote: »

All inextricably linked to MCO Capital, here are 76 sites to avoid doing business with! These cover Denmark, Sweden, Holland and Finland. I'll find the UK ones.

txtmoney247.com
ideamoney247.com
arkivippi.fi
luckyloan.se
toimilaina.fi
reddingsgeld.com
spoedgeld.com
luottovippi.fi
vauhtivippi.fi
ge.leijonalaina.fi
turvalaina.fi
megalaina.fi
otalaina.fi
vippiasema.fi
putsclean.fi
superlaina.fi
extraatje.com
tvlaina.fi
idealaina.fi
er.pengetrae.com
menolaina.fi
perhelaina.fi
go.statuslaina.fi
spottstyver.com
pyttekassa.com
pyttelan.com
fokuslaina.fi
vippitori.fi
lattkrediten.com
cu.solskenslan.com
vardagslan.com
np.hverdagslan.com
gk.lanehus.com
lattlan.com
manadslan.com
vardagskrediten.com
fragapengar.com
kvicklan.com
oy.udgifterlan.com
lk.snuplan.com
beetjemeer.com
ek.natpengar.com
kelpovippi.fi
vardagsslant.com
at.vardagskrediten.com
kvicklan.com
fokuslan.se
ef.manadslan.com
da.pyttekassa.com
pengatrad.com
helgslant.com
ty.spotslant.com
statuslaina.fi
natpengar.com
ca.luottovippi.fi
oe.otalaina.fi
rs.reddingsgeld.com
kg.idealaina.fi
leijonalaina.fi
luckyloan.net
pl.menolaina.fi
gg.luckyloan.se
go.focuslaina.fi
em.beetjemeer.com
lanehus.com
udgifterlan.com
kvicklan.se
pengetrae.com
te.perhelaina.fi
fo.superlaina.fi
fo.megalaina.fi
vliegendgeld.com
focuslaina.fi
ff.fokuslaina.fi
vk.luottovippi.fi
gg.arkivippi.fi

grahamqat

Cheers Alan - no problem - just missed this posting. (Sorry didn't mean to hijack your posting Elaine). The ones I've quoted are server linked, many of Elaine's seem not to be (multiple servers?); will look into it. Also posted live links to make it easier to check them out. This is Pan-European organised crime on a huge scale. Completely immune from all authorities in all countries. Par for the course, I seem to remember when the banks caused global meltdown in the credit crunch, our Government just gave them more of our money, then let them take it home as bonuses. Little wonder the Home Office has already walked away from this scam.

geomacl

grahamqat wrote: »

Don't know whether this has been posted but "luckyloan" is a similar scam run in Sweden using same IP:
Link here:
http://www.luckyloan.se
Also this site:
http://www.spoedgeld.com

Very interesting graham - it seems that this sort of loan system is international and even rampant in Scandinavia.
If we can find this stuff out, surely our "expert" CoLP. NFIB etc can find it - AND DO SOMETHING!!!!

GomerPyle

grahamqat wrote: »

What's even funnier is what the authorities want us to believe. Apparently MCO are innocent victims of ID fraud (£1.5M). Close the web-site down to avoid losing more money? No let's open 19 more across Europe so we can get this up to £30M. Ha ha ha ha.

Precisely. :T

Apart from the action Finnish authorities are taking next month, Sweden was considering a blanket ban on SMS based loan sharks last year.

Very little of what's been said about the fiasco outside this forum is credible.

The business plan - if they ever had one - lies in tatters as their target market is youngsters and, having made themselves the most uncool laughing stock you could imagine, they're very much a kayak without a paddle.

I also very much doubt any suggestion that they might have had much measurable non-fraudulent trade in the first place, and a thousand websites isn't going to change the situation so, apart from creating chaos and hysteria, the sum of their achievements is to lose over a million pounds on one of the most badly planned ventures since the Vikings invaded.

I foresee that it's very much a 'Norwegian Blue' (Monty Python reference) though I'll keep an eye out for revelations about what's in their books, if anything.

grahamqat

Companies House Web-check say they filed last accounts yesterday for period up to 31/12/2009. This may be too dated to show any real activity as the UK web-sites only really got going this June. The money will probably be withdrawn and laundered and the company dissolved before the next accounts are due. If this happens we will never know how much they made and it will leave us all "Pining for the Fjords".

grahamqat

Incidentally, Gomer or Jane, you may be able to answer this, but if you transact a loan electronically direct with a server in Finland, does the process have to comply with UK law? I seem to remember a problem like this arose when Icesave in Iceland went bust a couple of years ago?

Debtfreeatlast_2

Robie_Nudd wrote: »

Possibly Gomer didn't read my initial post. The sourcing of the information is being investigated; it certainly didn't come from scouring electoral registers/telephone directories. I assure him that 9,000 bank separate bank accounts is perfectly credible in this instance - the use of on-line accounts being a major factor - there are clearly not 9,000 separate fraudsters! Perhaps one needs to ask what was seen in verification to open the core accounts?

Impossible to open lots of different Bank accounts using the same false ID, it would get flagged quickly by UK clearing banks, just the number of searches would send up a flag. Plus you have to present some sort of ID in person before the account becomes live. My understanding from one of the earlier reports was that the cash was being sent to one account, hence the hole in their "checks"

Also I would guess MCO sail under many UK credit regs due to the loan amount and max loan period.

Debtfreeatlast_2

GomerPyle wrote: »

It's possible that I didn't read your initial post Robie Nudd but I have a specialist lifetime knowledge of UK banking and I can assure you that UK banks take KYC legislation very seriously, and any that don't will soon have their operation shut down. Having an online account doesn't mitigate the statutory obligations placed upon those institutions who open the account.

I should have read a little further! well said

GomerPyle

That's an easy one grahamqat.

This is all being handled using the UK payment system - BACS I presume. The bank they're using has been mentioned who I recall as being Scandinavian, though they're quoting an HSBC sorting code, I believe, but it's not unusual for a non-domestic bank to make use of a domestic bank that way.

UK law applies throughout and the websites states that. (I always enjoy reading the small print. It can be a dead giveaway and reveals a lot),

You say they began operations in June. :eek: If you apply a fraud level of 10% which would be horrific, even if it included unsuccessful frauds, but these are all successful and would suggest a total level of business greatly in excess of 100,000 loans which is utter fantasy. Bear in mind also that not one customer, to my knowledge, has visited here and mentioned their experience, good or bad. It's usual with a company under fire that at least their staff, out of loyalty or pressure, will turn up to defend them, but not a peep from anyone.

Consider also that these are short term loans of maximum duration of 28 days, so the company soon finds out if they're going haywire and you don't treat a mass default as an ordinary day at work. On this scale it would sound alarms. They also specify that they only do one loan at a time to each person. Use of an Excel spread sheet could have avoided multiple losses to the same fraudster.

There are a lot of questions that need to be answered but I strongly suspect this company didn't have many real customers at all. It's not unknown for a lender to expect their debt recovery agent to dig them out of a hole but, in this case, there was no hole dug.

I'll add these sage words from a site I visited

Loan officers are dropping out like flies. Heck, even lenders are dropping like flies! The loan officers disappearing the quickest are those who aren’t experts.

Some people will always use loan sharks, but I'm not sure many will go to these people, or ever did.