The Financial Supervision Commission has issued a warning about a company called Offshore Credit Services Limited, which claims to have an address of 1 Castle Street, Castletown, Isle of Man, IM9 1LF, British Isles.

Extensive enquiries carried out by the FSC have established that OCSL doesn't have any presence at, or genuine association with, the address, which is actually that of Wychwood Trust Limited, a genuine FSC registered firm.

The FSC says Offshore Credit Services Limited has no connection with Wychwood Trust Limited, or with the Island, and is strongly urging people who receive correspondence to exercise the greatest possible caution before proceeding.

Anyone who is already involved in any dealings with OCSL, or who has concerns, should contact the commission's enforcement division by ringing 01624 689314. The email address is fsc@gov.im.

If you have paid funds to OCSL, or disclosed personal financial details, you are advised to contact your local Police Fraud Unit without delay.

Correspondence from OCSL, seen by the commission, includes the following lines: " ...your fund in bond totalling $10.5 million US is under our management. We will require you to forward a copy of your identification (international passport), showing fully your data for proper reconciliation and documentation. As soon as the reconciliations are done, we will proceed to discount the bonds for further transfer to your designated bank account".