Kopek Posted August 26 Share Posted August 26 Lets be fair, we probably have little experience of dealing with a 'Scam' of this nature, it's not even money laundering? I doubt the money reaches our shores??? Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 26 Share Posted August 26 Just now, Kopek said: Lets be fair, we probably have little experience of dealing with a 'Scam' of this nature, it's not even money laundering? I doubt the money reaches our shores??? If it is a scam, and it was enabled in any way here, it is money laundering. Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 26 Share Posted August 26 Shirley not if the money doesn't come here? We're just the computers that facilitated the scam? It's not Columbian is it? Wasn't there talk of secret rooms for the scammers, separate to the 'ligit' business? Anyhoo, we're not the first Country to be taken in by scammers, China even 'employs' them??? Perhaps they didn't pay the right people??? Anyway, what's this about KFC needing longer hours? Are we not unhealthy enough!!! Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 26 Share Posted August 26 😀 Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 26 Share Posted August 26 12 minutes ago, Kopek said: Shirley not if the money doesn't come here? We're just the computers that facilitated the scam? That's enough. Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 26 Share Posted August 26 But a scam is stealing, not money laundering? It's unlikely that thw money come here to be cleaned and passed on to others? Ity will go straight into 'foreign' Banks without reaching our shores??? We are simply guilty of facilitating the 'Scam'??? Not the cleansing? Is that right? IOM Bank have been pretty busy with their 'Whooo Yoo' lately!!! I've told them I don't even speak Chinese!!!' 😀 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted August 26 Share Posted August 26 22 minutes ago, Kopek said: But a scam is stealing, not money laundering? It's unlikely that thw money come here to be cleaned and passed on to others? Ity will go straight into 'foreign' Banks without reaching our shores??? We are simply guilty of facilitating the 'Scam'??? Not the cleansing? Is that right? IOM Bank have been pretty busy with their 'Whooo Yoo' lately!!! I've told them I don't even speak Chinese!!!' 😀 The money laundering comes in with both facilitating the movement of funds after and facilitating the scam in the first place, because it involves money. The money doesn't have to reach our shores. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted August 27 Share Posted August 27 11 hours ago, Kopek said: Lets be fair, we probably have little experience of dealing with a 'Scam' of this nature, it's not even money laundering? I doubt the money reaches our shores??? It's an interesting one. We'll have to wait to see if we'll hear any of the details. Did they put the money through the IOM companies? Did they money go through any IOM based banks? Bearing in mind they have to 'fatten the pig' there would have been legit investment trades. Where and with who did these happen? If all of this was off Island and we literally just had a call centre here, there would have been very little for any regulators to see in an investigation. 1 Quote Link to comment Share on other sites More sharing options...
Manx Bean Posted August 27 Share Posted August 27 On 8/23/2024 at 4:13 PM, Tinpot said: LOL Its hard enough to get people to invest here anyway with our joke of a planning department and massive construction costs. That would be a sure fire way to make sure no development happens at all. I don’t agree. Any serious investor would willingly deposit a bond if they knew it would be returned on completion. Otherwise the “bomb site” feel of certain parts of Douglas will just continue to get worse. 2 Quote Link to comment Share on other sites More sharing options...
Mercenary Posted August 27 Share Posted August 27 1 hour ago, Manx Bean said: I don’t agree. Any serious investor would willingly deposit a bond if they knew it would be returned on completion. Otherwise the “bomb site” feel of certain parts of Douglas will just continue to get worse. Say it's a £10m build a proper 'bond' out for 2 years would cost £1.6m at 8% (which a serious investor would be looking for), in additional project financing costs. Even if it's staggered release it's still adding substantial amounts, and requiring more capital up front which does not fit with a lot of lending. Perhaps a surety would be slightly less but would rule out any new entrants to the market, and they would still see it as high risk. Quote Link to comment Share on other sites More sharing options...
When Skies are Grey V2 Posted August 27 Share Posted August 27 I feel the fall out from this will be wide reaching and painful for quite a few...and rightly so! 1 Quote Link to comment Share on other sites More sharing options...
Wake Up Call Posted August 27 Share Posted August 27 Perhaps the perps/scammers were already employed at the offices in Victoria Road (Legitimately) and had this racket as a side show in downtime? Quote Link to comment Share on other sites More sharing options...
manxkinho Posted August 27 Share Posted August 27 47 minutes ago, Wake Up Call said: Perhaps the perps/scammers were already employed at the offices in Victoria Road (Legitimately) and had this racket as a side show in downtime? I don’t think so. I believe that this was from the company and was the aim of the operation. Not a side show. Quote Link to comment Share on other sites More sharing options...
Kopek Posted August 27 Share Posted August 27 (edited) Didn't they operate the same scam from the Philippines before they came here? Perhaps they were chased away from there, if so, their MO was known about. I doubt there will be any long term damage to our regulators, they will have followed the rules set out for their investigations? They will be 'covered'! As for the Islands reputation, we're pretty small fry, our desire for legitimacy makes us easy prey for, say, U.S. regulators, whereas other jurisdictions may give them a finger? It'll probably blow over soon and maybe we will gain some recognition of our 'existence' from this??? We may yet get those Chinese Banks out of this???😁 Edited August 27 by Kopek Quote Link to comment Share on other sites More sharing options...
Just a local Posted August 27 Share Posted August 27 1 hour ago, manxkinho said: I don’t think so. I believe that this was from the company and was the aim of the operation. Not a side show. Hi [Manx Partner of an ex employee from the group here]. The company reported in the BBC News article "MIC" / Manx Internet Commerce Ltd employed 40 or so employees based in Victoria Road whose job was marketing for the sports betting sites operated by the group in Asia. They had tangible results and there was real players being channeled towards the sites because of these guys. I don't want to speak out of turn and bear in mind I'm 3 degrees of separation away here but my partner said that there was a small number of these guys fled almost immediately after the initial police raid and the rest followed after IOM Immigration got involved. This small number of people were apparently conducting this "pig butchering" scam outside of core office hours, and outside of company infrastructure i.e. servers and systems - which were for sports book marketing. The Company, MIC was obviously not setup for scamming and it was, (based on the conversations my partner was involved in after the big day) the actions of a small number that was carried out without the knowledge of the management. The Company had other employees that did other work and there of course is the sports book company and the licensed gaming companies that had employees conducting legitimate, revenue generating business. So, respectfully, to imply an IOM company was setup for scamming purposes just can't be true. But again, this isn't my area, I'm just trying to offer some perspective from the innocent guys who are caught up in all this. 1 1 Quote Link to comment Share on other sites More sharing options...
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