A fictitious bank said to be based in Guernsey is being featured as part of an international scam. The Guernsey Financial Services Commission is warning the Northern Offshore Trust Bank is bogus.
The scam was highlighted after names of directors of Norwegian telecom firm Telenor were used to front the fake bank without their knowledge.
The swindle involves getting people to hand over more than �5,000 to invest via the bank.
Telenor Chief Executive Jon Fredrik Baksaas and his colleagues were listed as holding the positions in the fake Guernsey bank, but knew nothing about it.
It is being compared to the classic "Nigeria-scam" carried out via e-mail.
Telenor said the use of its directors' names in the scam came as a complete shock to the company and that it was taking legal action to get the Northern Offshore website removed.
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