The Central Bank of Ireland (CBI) has issued a formal warning against Progestrade (CLONE), an unauthorised investment firm operating under a cloned identity to deceive consumers. The warning, published on 5 August 2026, alerts the public that the firm is not authorised to provide investment services in Ireland and has fraudulently assumed the name and details of Comgest Asset Management International Limited (CAMIL), a legitimate CBI-authorised entity.
- Unauthorised Firm Name: Progestrade (CLONE)
- Website: http://www.progestrade.com/
- Contact Email: support@progestrade.com
- Authorisation Status: Not authorised to provide investment services in Ireland
The CBI emphasised that there is no connection between the fraudulent Progestrade (CLONE) entity and the legitimate CAMIL, which remains properly authorised and regulated. The cloning of established firm identities represents a common deception tactic used by fraudulent operators to exploit consumer trust and appear credible to potential victims.
Consumers who suspect they have engaged with the unauthorised firm or have additional information are encouraged to contact the Central Bank directly at (01) 224 5800. The CBI has also directed individuals to its financial scams resource page at www.centralbank.ie/financialscams for guidance on protecting themselves from investment fraud. The warning has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.
This warning adds to the growing list of fraudulent investment firms targeting Irish consumers, underscoring the importance of verifying authorisation status through official CBI channels before engaging with any investment service provider.
