A Seemingly Legitimate Fraud?

A Seemingly Legitimate Fraud? – asiasentinel.com, January 14, 2011
…Everything appears legitimate here with all legally signed documents in place – except that you will never get your money and you will never need to deliver your goods. They are not interested in your products, all they want is your signature and stamp on the contract.
The buyers can even use these contracts as collaterals to tap credit arrangements from the banks.
…What the Chinese company gets out of it is a bill of lading or other documents showing it has transacted a, say, US$2 million deal despite the fact that no transaction has taken place. That gives the nonexistent or temporary company legitimacy. It can then use that legitimacy any way it chooses with the Chinese authorities…

This entry was posted in Scams. Bookmark the permalink.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.