Manx financial scam: Chinese Filipino Boilerhouse

[Max Power]

11 minutes ago, Roger Mexico said:

There may well be an immigration scam involved, but it will involve 'legal' immigration not illegal stuff.   According to ONS for the UK:

Long-term net migration (the number of people immigrating minus the number emigrating) was provisionally estimated to be 685,000 in the year ending (YE) December 2023, compared with our updated estimate of 764,000 for the YE December 2022

So that's a total of 1,449,000 in just two years.  On the other hand:

In 2023 as a whole, 29,437 people came to the UK in small boats.  That was a big drop from the 2022 total of 45,755, external, which was the highest since figures were first collected in 2018.

So that's a total of 75,192 or about 5% of the total.  But which one do you hear more about?

Yes, you're right, it is legal immigration. However it's lucrative to those organising it as we offer healthcare and benefits apparently, and when the immigrant decides to move into the UK, they qualify for those benefits, having moved from the island. I've seen ads from agencies offering to arrange this.

[woolley]

Er, I don't think I like the construction of this sentence, BBC.

"The Chinese court papers refer to a man called Liang Lingfei being the co-founder of MIC on the Isle of Man - which it described as "a fairly stable criminal organisation established in order to carry out scam activities". "

[Roger Mexico]

12 minutes ago, Max Power said:

Yes, you're right, it is legal immigration. However it's lucrative to those organising it as we offer healthcare and benefits apparently, and when the immigrant decides to move into the UK, they qualify for those benefits, having moved from the island. I've seen ads from agencies offering to arrange this.

They don't get benefits (most require five years residency) but they do get healthcare, which is why Christian has been asking about introducing a healthcare surcharge, like there is in the UK.  The Government, despite usually being so keen to screw money out of the punters, has been strangely reluctant however.

What is unclear is how many are using the laxer Isle of Man visa rules (laxer also in terms of salary required and bringing over dependents) as a way of getting into the UK and how quickly they are transferring.

[Mysteron]

4 hours ago, asitis said:

I'm amazed that this stuff gets past the regulator, when the respectable financial services companies are examined anally by the FSA !

I think gaming companies are regulated by the Gambling Supervision Commission (GSC), and not the FSA.

The GSC seems to be viewed more as a revenue generator for IOMG, than it is as a regulator.

[woolley]

2 minutes ago, Mysteron said:

I think gaming companies are regulated by the Gambling Supervision Commission (GSC), and not the FSA.

The GSC seems to be viewed more as a revenue generator for IOMG, than it is as a regulator.

The supervision bit seems to be in question. Of course, we don't know how elaborate the fraud was. Presumably these Chinese cases prompted the arrests and shutdowns here. Seems odd they were released on bail though.

[A fool and his money.....]

2 hours ago, Manx Bean said:

It certainly doesn’t reflect at all well on the island. I remember the days when the joke was that Athol Street was shady on both sides. Has much really changed?

It wasn't a joke, it was reality and still is.

What's changed? Nothing - apart from we now claim to be a "well regulated jurisdiction". Let's not kid ourselves, our moral courage is non existent and we don't really care how dirty the money is as long as we don't get caught.

How many millions have the government thrown at this scam?

[Frances]

5 minutes ago, woolley said:

... Seems odd they were released on bail though.

cheaper + more convenient if they 'skip' bail ?

[Shake me up Judy]

37 minutes ago, A fool and his money..... said:

It wasn't a joke, it was reality and still is.

What's changed? Nothing - apart from we now claim to be a "well regulated jurisdiction". Let's not kid ourselves, our moral courage is non existent and we don't really care how dirty the money is as long as we don't get caught.

How many millions have the government thrown at this scam?

And, apart from Trevor (On the Feds insistence) no one ever goes to jail. Ever. Just leave your Roller at the airport sir, with the keys in it. It's a lucrative game.

 

[The Phantom]

22 minutes ago, Shake me up Judy said:

And, apart from Trevor (On the Feds insistence) no one ever goes to jail. Ever. Just leave your Roller at the airport sir, with the keys in it. It's a lucrative game.

 

I just brought up Trev in the mirror thread on this! 

[WTF]

1 hour ago, woolley said:

Er, I don't think I like the construction of this sentence, BBC.

"The Chinese court papers refer to a man called Liang Lingfei being the co-founder of MIC on the Isle of Man - which it described as "a fairly stable criminal organisation established in order to carry out scam activities". "

it reads about right to me.

[Kopek]

Manx Indy Carriers !!!😀

[Dave Hedgehog]

4 hours ago, Manx Bean said:

It certainly doesn’t reflect at all well on the island. I remember the days when the joke was that Athol Street was shady on both sides. Has much really changed?

The fact that they also completely sucked in the Government, a number of politicians and a raft of civil servants reflects equally badly, although their teflon coatings will no doubt protect them as usual.

I also wonder how long it would have been before the money ran out the construction of their mega campus. On that point I fully support Charles Guard’s suggestion that any commercial development should have to lodge a substantial bond with the Government so that in the event it goes tits up, we aren’t left with yet another unfinished building site.

Nah. He just wants the bond so investors don't think it is worth the risk when Guard and his cronies object because Fred Yessir used to sell tripe from the site in 1824

[Banker]

IOMG RESponse

The Isle of Man Government is aware of increased media reporting surrounding a business that operated on the Island, which has been subject to significant multi-agency responses to disrupt and close down alleged international criminal activities.

The Isle of Man Government, and all of its relevant agencies and bodies, has a zero-tolerance attitude towards such activities and remains committed to being a respected international partner in terms of global efforts to identify, disrupt and prevent international criminal activity.

Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance, and the Isle of Man Government will not hesitate to act to protect this in the face of those who stand to jeopardise and abuse it.

The robust response by the Isle of Man Constabulary, Gambling Supervision Commission and other government agencies that led to the disruption and closure of businesses at the centre of these concerns demonstrates that, as an Island, matters of this nature are taken extremely seriously and that Government will not hesitate to act in such situations.

As the various matters are subject to ongoing criminal investigations, we are unable to offer any further comment. We do, however, wish to reaffirm that significant and wide-reaching action has been taken and that the businesses involved at the centre of these allegations are no longer in operation as a result of the actions taken by Government.

[Tinpot]

4 hours ago, Manx Bean said:

On that point I fully support Charles Guard’s suggestion that any commercial development should have to lodge a substantial bond with the Government so that in the event it goes tits up, we aren’t left with yet another unfinished building site.

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.

[Twitch]

30 minutes ago, Banker said:

IOMG RESponse

 

The Isle of Man Government is aware of increased media reporting surrounding a business that operated on the Island, which has been subject to significant multi-agency responses to disrupt and close down alleged international criminal activities.

The Isle of Man Government, and all of its relevant agencies and bodies, has a zero-tolerance attitude towards such activities and remains committed to being a respected international partner in terms of global efforts to identify, disrupt and prevent international criminal activity.

Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance, and the Isle of Man Government will not hesitate to act to protect this in the face of those who stand to jeopardise and abuse it.

The robust response by the Isle of Man Constabulary, Gambling Supervision Commission and other government agencies that led to the disruption and closure of businesses at the centre of these concerns demonstrates that, as an Island, matters of this nature are taken extremely seriously and that Government will not hesitate to act in such situations.

As the various matters are subject to ongoing criminal investigations, we are unable to offer any further comment. We do, however, wish to reaffirm that significant and wide-reaching action has been taken and that the businesses involved at the centre of these allegations are no longer in operation as a result of the actions taken by Government.

Is that it?