Citi Finance Corporation

The Cayman Islands Monetary Authority has issued a warning about eight Internet 'banks' which are using Cayman addresses and/or telephone numbers even though they are not registered or licensed there. Research by OffshoreAlert indicated that six of the eight sites have links to Nigeria, where fraud is a major industry, while the principals of the other two have ties to Singapore and the UK.

The web-site of a sham bank purporting to be based in the Cayman Islands was taken down in December within 24 hours of OffshoreAlert emailing questions to the operators asking about their business.Citi Finance Corporation had set up a web-site at www.citifinancecorp.com whose design and content had clearly been plagiarized from an unrelated, bona fide bank, Bayshore Bank & Trust, of Barbados.