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
Real Life Story...
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
- Newsletter on Business Opportunties from India and Abroad
Vol: 3, Issue 42
February 13' 2003