The Oregon Department of Consumer & Business Services is warning Oregonians about a scam targeted to those looking for loans. According to ODCBS, scam artists working under the name Oregon Bankers Lending Network are offering loans that require an advance payment. However, victims who have wired money to the company found no loans existed.

When investigators tried to visit Oregon Bankers Lending Network at their downtown Portland address, they found an empty office. Around the same time, police outside of Toronto, Canada raided an apartment complex and located documentation of 21 fraudulent businesses. Ten arrests were made and ten arrest warrants issued.

Despite the arrests, the Oregon Department of Consumer & Business Services believes more operations like Oregon Bankers Lending Network exist. The office warns consumers to verify a lender’s registration with the state before depositing any money.