Financial Conduct Authority
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The FCA commences civil proceedings in relation to alleged unauthorised deposit takers

The FCA has commenced civil proceedings in the High Court against Bright Managment Solution Limited [sic] (“Bright”), Soccer League International Limited (Soccer League International), Soccer League UK Limited (Soccer League UK), and senior individuals at these firms. The FCA alleges the defendants have been carrying on unauthorised deposit taking by accepting money from the public for different projects, including forex trading and crypto-assets.

The FCA has secured an interim injunction, by consent, stopping these activities from continuing and freezing up to £1.3 million in assets pending further hearing. 

The FCA also alleges that Soccer League International and Soccer League UK, Mr Mohammed Zakir Hussain, Mr Mohammed Kabir, Mr Mohammed Abdul Kahhar and Mr Kayes Miah, who held senior positions at the companies, were each knowingly concerned in Bright’s contraventions. 

A further hearing will take place as soon as the Court is able to hear the matter, when the FCA will seek to keep the freezing order in place until further order of the Court or the end of the action. 

The FCA is seeking a declaration from the Court that the defendants’ actions amounted to unauthorised deposit taking as well as an order preventing them from carrying out this activity in the future. The FCA will also seek a restitution order to return frozen funds to consumers who were affected by these alleged breaches. 

Notes to Editors

  1. The FCA has issued proceedings in the High Court against Bright Managment Solution Limited, Soccer League International Limited, Soccer League UK Limited, Mr Mohammed Zakir Hussain, Mr Mohammed Kabir, Mr Mohammed Abdul Kahhar and Mr Kayes Miah.
  2. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  3. Find out more information about the FCA.

 

Channel website: https://www.fca.org.uk/

Original article link: https://www.fca.org.uk/news/press-releases/fca-commences-civil-proceedings-alleged-unauthorised-deposit-takers

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