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PRE 2004

Shankars Emporium Bank - 29 September 2003

Public Statement - Shankars Emporium Bank

This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.

Shankars Emporium Bank ("SEB")
www.shankarsemporiumonlinebank.co.uk ("the web site")

The purpose of this statement is to advise the public that SEB has not received authorisation to conduct deposit-taking business within the meaning of the laws stated below.

SEB is currently offering banking services over the Internet. The Commission has reason to believe that SEB is claiming to have a connection with Jersey when it does not.

The Jersey Financial Services Commission ("the Commission") has issued this public statement under Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law").

The Commission wishes it to be known that:

1. The entity calling itself SEB has never been registered, or applied for registration, under the Banking Business Law. Therefore any deposit-taking business, as defined in Article 3 of the Banking Business Law and carried out since 1 October 1991, is a breach of Article 7 of the Banking Business Law.

2. The Commission has established that no genuine links exist between SEB and the Jersey address quoted on the website.

3. All regulated businesses are listed on the Commission's web site at www.jerseyfsc.org.

Any person who has had dealings with the entity calling itself SEB is requested to contact the Commission.

Gary Godel
Director Enforcement
Jersey Financial Services Commission

Nelson House,
David Place,
St. Helier,
Jersey,
JE4 8TP.

29 September 2003

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