The Isle Of Man Financial Crimes Unit confirmed that police are investigating brokers in Northern Ireland, Yorkshire and Scotland in relation to the alleged fraudulent use of the name of the Isle of Man company, Ultra Insurance.

Ultra was only alerted to the alleged fraud three weeks ago, though the scam is believed to have been taking place since last August.

An Ultra spokesman said: "We were notified about the fraud by UKNI, a broker in Northern Ireland."

"Our company's name has been used fraudulently, we don't know who has done this, but it is possible that they have obtained our company address details and used them to trade."