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MCO Capital Limited

10th September 2010

If you’ve received a letter from MCO Capital Limited asking you to repay a loan you haven’t taken out, you need to take action. [Updated: 19 November 2010]

If you have received one of these letters, do not pay any money but DO NOT IGNORE IT. It may affect your credit rating and you may find bailiffs on your doorstep if you do not take action. 

The crime reports Action Fraud was able to collect and feed into the National Fraud Intelligence Bureau (NFIB) have resulted in City of London Police commencing an investigation into an alleged loan repayment fraud. 

Update: April 2011 MCO Capital Update

Update: March 2011 MCO Capital Update

Update: More than 4,000 statements received from people affected by fraudulent MCO Capital loans  

Update on MCO Capital - 19 November 2010

The City of London Police has made three further arrests as they continue their investigation into a major loans repayment fraud against MCO Capital.

In an early morning operation spread across locations in South London and Hertfordshire detectives arrested two men and one woman on suspicion of money laundering.

The two men, aged 41 and 21, and the woman, 21, were taken to a City of London Police station and later released on bail. Later the same day the 24-year-old man, Adeleke Ogunsanwo, was charged with offences unrelated to MCO Capital:

  • Possession of False identity documents with intent to commit fraud - Identity Cards Act 2006
  • Possess/control article for use in fraud - Fraud Act 2006

Ogunsanwo, from Camberwell in South London, appeared at City of London Magistrates on November 19 and enquiries continue into his suspected involvement with the MCO fraud.

The police action follows on from last week’s operation where detectives arrested a 42-year-old man at his Dagenham home on suspicion of fraud by false representation.

Further action is anticipated, with detectives now aware of more than 9,000 alleged fraudulent loan applications made to the Finnish based-company.

This followed on from a significant amount of reports originally received via Action Fraud, the national fraud reporting centre, and analysed by the NFIB.

Detective Inspector Perry Stokes said:

'We are committed to taking the swift action that will move this investigation forwards as quickly as possible. We believe this to be a major fraud that has affected thousands of people across the UK, and our enquiries are ongoing.” 
The City of London Police, which is the National Lead Force for fraud, are sending out letters to those whose personal details have been used as part of this fraud.

They are also working closely with MCO Capital, which also trades under the names Help Loans and Balance Loans.

Visit the City of London Police website to check for further updates on the MCO Capital Limited investigation

It may also be advisable to conduct a credit reference search as well to ascertain if any fraudulent applications have been made. We would suggest contacting the two main agencies who are Equifax  and Experian.

For more information about the NFIB, visit the NFIB's website.