Continuing last
week's article, here are few tips on how to protect
yourself against fake letter of credit and a real
life story.
Tips on how to avoid Letter
of Credit Fraud
- If an "opportunity" appears too
good to be true, it probably is
- Independently verify the terms of any investment
that you intend to make, including the parties
involved and the nature of the investment
- Thoroughly investigate the issuing bank, specially
if you never have heard of it before
- Consult your bank, ECGC or appropriate organization
- Ask for confirmation by a prime world bank
- Do not invest or attempt to "purchase"
a "Letter of Credit." Such investments
simply do not exist
- Do not invest in anything unless you understand
the deal. Con artists rely on complex transactions
and faulty logic to "explain" fraudulent
investment schemes
- Always be wary of any investment that promises
extremely high yields
- Conmen use secrecy as cover - look out for
tell-tale signs
Real Life Story...
2 held for cheating exporters
New Delhi: The police have arrested two persons
for allegedly cheating exporters by using fraudulent
means and forged documents. The accused have been
identified as Khanna (55), proprietor of XXX,
and Singh (51) of ZZZ (** you can see the real
names of persons and companies in the news clippings,
please see below for details - Editor).
The police also claimed to have recovered several
incriminating documents during a raid at the accused's
office on July 13.
According to the police, Khanna was appointed
as a consultant by ZZZ which was representing
a London based firm.
Khanna signed three MoUs with Tarsem Goel of
Sawan Overseas, Panipat, for export of carpets,
bed covers and cotton durries. Goel also reportedly
paid an advance commission of Rs 31 lakh.
Police officials allege that Khanna rejected
the goods on flimsy grounds. He allegedly fabricated
e-mails and forged a cheque for 80,000 Pounds
to convince Goel the transaction was genuine.
Source: Times of India,
July 22' 2002
(The Newsclipping with actual names of persons
and companies involved can be viewed at its source
(i.e. The Times of India at http://www.timesofindia.com)
or in News
Clippings in The Great Indian Bazaar
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