Investigators called in to probe collapsed firm

A preliminary fraud investigation is under way after more than 8,000 people registered claims against the collapsed Crown Currency Exchange, with more claims expected.

The company allegedly continued to take money – £1.1m – after bosses knew it was insolvent.

The claims so far mount up to £16.4m, say the joint administrators, Paul Clark and Matt Bond of MCR, and Harold Sorsky and Stella Davis of SPW, who are trying to unravel the mess.

They have called in forensic IT investigators to examine all the computers and software systems at Crown’s former headquarters in Cornwall.

There have been suggestions that Crown was allowed to continue to trade by Barclays after the bank was told it was insolvent.

Paul Clark said: “We have received over 9,500 emails into the dedicated Crown inbox we established at the beginning of the administration, in addition to correspondence by post.

“Of the total of 8,000 proof of debt forms, approximately 7,500 former customers of Crown Currency Exchange have already received emails confirming receipt and details of their claims have been recorded. 

“The scale of the claims is now becoming clear. It is now clear that the majority of the customers were acquiring foreign currency for use on holidays and to a lesser extent more substantial amounts were acquired for property transactions abroad.  

“The value of the transactions typically ranged from £100 to around £20,000. However, there are several transactions in excess of £100,000.” 



Any former customers of Crown who have not already done so, should contact the joint administrators and complete a Proof of Debt which is available on the Joint Administrators’ websites, below. 

The number for the special call desk is 0844 826 8659. 

A creditors’ meeting will be held at the Hilton Metropole Hotel, NEC, Birmingham, on  November 30 at 2pm.



www.crowncurrencyexchange.com/statement.php

www.mcr.uk.com