![\"Hand](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/natwest-debit-card-1-338x225-1.jpeg\")
\t\tNatwest provided the banking services for Twinwin. (Image: Natwest)\t<\/p>\n\t\t\tWednesday 12 August 2026 5:00 am
\n\t\t\t\t\t\u00a0|\u00a0\u00a0Updated:\u00a0<\/p>\n
\t\t\tTuesday 11 August 2026 6:34 pm\n\t<\/p>\n
\t\tNatwest provided the banking services for Twinwin. (Image: Natwest)\t<\/p>\n
Natwest provided banking services to a company allegedly used by the founder of collapsed property lender MFS<\/a> to divert investors\u2019 cash and \u201csiphon off\u201d funds, City AM can reveal.<\/p>\n The bank<\/a> held the day-to-day account for Twinwin, a company that was allegedly used by Market Financial Solutions founder Paresh Raja to generate fees from clients\u2019 cash without their knowledge, according to people familiar with the matter.<\/p>\n In a legal filing earlier this year, officials claimed the company was used by Raja to \u201csiphon off\u201d money from investors and \u201cperpetrate fraudulent wrongdoing\u201d, according to reports.<\/p>\n An insolvency court Judge said in March that Twinwin\u2019s relationship with MFS appeared \u201cclearly to amount to a diversion of funds\u201d between MFS lenders and property owners.<\/p>\n Natwest\u2019s ties to Twinwin, which have not been previously reported, could drag the bank into the ongoing Financial Conduct Authority (FCA) investigation<\/a> into MFS.<\/p>\n One source close to the matter said they would be \u201camazed\u201d if the City watchdog\u2019s probe did not also look at Natwest for running Twinwin\u2019s accounts.\u00a0<\/p>\n According to an insolvency ruling earlier this year, Twinwin was used to re-route cash from MFS vehicles, which were backed by institutional investors. Twinwin would allegedly re-lend funds to borrowers at marked-up interest rates with added intermediary fees.<\/p>\n When the loans were repaid, the money was allegedly returned straight to Twinwin\u2019s account and never paid to the original investors.\u00a0<\/p>\n A spokesperson for Raja said he \u201cdoes not recognise\u201d the characterisation of Twinwin and \u201crobustly denies all allegations of wrongdoing\u201d.<\/p>\n MFS collapsed into administration in February, owing its lenders over \u00a31bn. Its downfall has rippled through the global banking sector and implicated some of the world\u2019s biggest financial institutions.<\/p>\n A Natwest spokesperson said: \u201cWe are aware of allegations reported regarding this group of entities but cannot comment on individual customers.\u201d<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tBarclays in legal battle with MFS administrators over part of \u00a3160m holding<\/a><\/p>\n They added the bank has \u201crobust economic controls and procedures\u201d and \u201cwork closely with relevant authorities as appropriate\u201d.<\/p>\n Banks providing operational accounts to shadow lenders are subject to FCA systems and controls rules, alongside Money Laundering Regulations, which require them to conduct ongoing due diligence, monitor accounts for suspicious activity, and prevent their services from being used for illicit operations. Natwest has no direct credit exposure to MFS or its related entities.\u00a0<\/p>\n Twinwin was placed into provisional liquidation shortly on 6 March, an emergency, interim measure that gives the liquidators powers to step in, freeze funds and take control of bank accounts, with a Judge\u2019s permission. FRP were appointed official liquidators on 18 June.\u00a0<\/p>\n A source close to FRP said the insolvency firm has been in communication with the FCA regarding Twinwin\u2019s liquidation.\u00a0<\/p>\n Twinwin\u2019s last filed accounts listed it as having just two employees, despite being used to channel tens of millions of pounds in loan transactions and hold multi-million pound property portfolios.<\/p>\n The FCA opened an investigation into MFS in March. The Mayfair-based firm was accused of \u201cdouble pledging\u201d, where it used the same property assets as collateral for multiple loans from different institutions at the same time.<\/p>\n The financial institutions facing scrutiny as part of the investigation include Barclays, Jefferies and Santander as well as private credit lenders such as Elliott Management, Castlelake and Apollo\u2019s Atlas SP Unit.<\/p>\n Barclays provided banking services for MFS Ltd, which served as the lender\u2019s central operating entity, distinct from its network of separate funding silos.\u00a0<\/p>\n City AM previously revealed Barclays was holding in excess of \u00a3160m belonging to the MFS<\/a> operating unit and silos at the time of its administration in February.\u00a0<\/p>\n The FCA and FRP declined to comment.\u00a0<\/p>\n \t\t\t\t\tRead more<\/p>\n![\"MFS](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/000-MFS-e1775578082169-1.jpeg\")
Natwest and Barclays among lenders with ties to MFS ecosystem<\/p>\n