Gold Fraud and Gold Scams
As one of the fastest growing Gold companies in Britain and the Worlds largest Gold fraud /scam resource we get 10 or more offers a DAY. We have had every gold scam tried on us time and time again. We have lists and emails of 1000's of fraudulent companies and scammers, we couldnt hope to list them all here.
Barnaby Milbourn, the Director, is a Level 4 trained Fraud Investigator Cert IFCI (Incident, Fraud & Claims Investigation) and Member of the Association of IFCI, as well as having 2 Degrees and a Masters in Engineering and Geology.
Some of the main Gold scams are:
1) The most common is sellers asking you to pay upfront costs for shipping of your Gold, Shipping is expensive and this can be many 1000's of dollars. You will most likely receive your parcel but don't expect to find much Gold in it. Sand is the normal substitute. I have known of this happening from 1kg up to a multi BILLION dollar deal. Ouch!
2) Asking for a ticket to escort the Gold direct to you or for an agent to do so. It doesn't really matter what is being asked for, if you pay up front don't expect to hear from the scammer again. A thousand dollars may not be much for you but most Gold comes from countries where a $1000 goes a long way. We had one recently where we signed contracts, told the shipment was in Dubai and they needed $7000 to release the goods from customs. RUBBISH!
3) Asking for a letter of introduction to business. This is often asked for if a seller wishes to escort the Gold product and needs a letter for customs. Basically they are using your company to support their visa application, so unless you want to be dragged into a case for illegal immigration, do NOT send the letter. Anyone with a reasonable amount of Gold to sell can get a visa or ship it.
4) A lot of the larger deals will ask you to send proofs, to prove you are able to complete on the deal. This is normally names of buyers, proof of funds, passport copies etc. Do NOT send anything to anyone who you aren't 100% sure of. These proofs are then used to run scams in your name, especially passports! I have received numerous fake passports and driving licences, subsequently contacting the real owner to tell them they have had their identity stolen. With proof of funds and other legal documents these can be used for blackmail or scams, once someone knows you have a lot of money you have painted a target on yourself. BEWARE!
5) More detailed scams will have enough proof within them to get past the preliminary checks but will ask for a buyer to create a payment / financial instrument. Some form of bank MT103, SBLC, BG or escrowed funds. These funds are not to be paid out until completion of the deal, giving the buyer security. Unfortunately these can be monetised or used as proof of funds to then go out and purchase Gold to sell the buyer. A rapidly growing scam. This can even be done with an MT799 which is only a swift message of proof of funds between banks, but can be used to flip a deal once the scammer has proof of a willing buyer with funds.
6) Fake Documentation! With so many gold offers around scammers reuse documentation photo shopping signatures from one to another. We received an offer recently with SKR, passport copies, bank documents, export licences and full mandate authorisation. It was ALL faked! Fortunately we knew the bullion officer in question to check at source.
7) The inheritance scam seems to becoming more popular. Example: My father, my uncle died and left me 40 kilos and I just need so many dollars to release it. These are often backed up by equally corrupt lawyers or advocates in Africa. A variation on this theme is the girlfriend or boyfriend befriending you and then promising to come visit / marry and just needs a few thousand dollars to release gold to sell to cover their trip. Then a bit more and a bit more, etc.
There are many variations on the scams listed and of course every one will claim that they are the real thing and have had problems with fake buyers before and dont want to get caught again. (In some cases it may be true)
The main lessons are not to put any money up front and not to send documentation out to someone you don't know. The ONLY way (if you arent a huge well known long established gold company) is to meet face to face and do it yourself, but clearly highly risky!
We estimate that for every deal we get, greater than 99.9% of ALL deals do NOT pass our verification procedures. Can you afford to lose 999 out of every 1000 deals you do?
FOR THE SELLERS : Don't get me wrong there are as high a percentage of fake buyers out there as fake sellers, its hard on both sides. Buyers using trumped up companies and documents pretending to be large multi billion dollar conglomerates when in truth its a dealer looking to flip the deal using his range of contacts in social networking sites like linked in.
The ways to avoid this are to thoroughly do your research on the buyer, ignore anything on a social network site. Check the incorporation date of the company, size, website, directors, previous dealings in the industry, etc. Or alternatively get us to do it for you, we are one of the largest buyers in Africa and have a proven track record, why go anywhere else and risk it?
The service we provide is to act as a secure intermediary between buyers and sellers, to transact your deal safely negates all these risks and brings our wealth of knowledge into your deal. The small charge for our services outweighs the risk a hundred times over of losing all your capital. We will do a preliminary $999 check on any company to determine if it is worth you investing your time and money to proceed. Should they pass the checks then proceed to our buyers or sellers pages to proceed
A non exhaustive list of the main culprits we get time and time again. Please don't waste your time. Look for variation on the names, its still the same people, trust our vast experience.
- Thailand Gold - often associated with the Royal Family, sometimes exported to Hong Kong already, entices people in with good discounts.
- Arc of the Covenant Gold - Just a myth.
- Mensah family - Coming out of Ghana. Issaka Mensah, Issac Mensah, William Mensah often with Steve Addo.
- Gaddafi Gold / Libyan Gold - normally with a story of life or death, sometimes oil too
- Adama for Gold - Out of Mali
- Masal mining
- GLD Gold agent - Bamako Mali, Mr Patrick Cisse
- Minins Gold - Mr. Souleymane Kaba
- Kojo Adams - Nana Osei in Ghana
- Arise mining - Ghana, Mr Olusile
- Koffi Brown - Ghana
- Akwabea Community in Eastern Region of Ghana - John Addo Smith
- METALLURGY CONCEPT INTERNATIONAL LIMITED
- Indonesian Gold stored in UBS, Switzerland. Company; PT Mitra Sejati Niaga Prima. Seller:Naveen Narain Punjabi, Mandate: Nada Talar
- Olipro Trading Co ltd - Kenya and Tanzania - Mr Xavier Onyango - forging documents
- Aflo Metals Import & Export - Togo - Minshah Williams
- Paul Anderson - AMO Mining & Investment - Accra Ghana
- Bona Rikan - Burkino Faso
- Richard Makena - Malengo Trading Company Ltd - Kenya (& Peter Okola & Paul)
- JK Gold & Gemstone Traders - Tanzania
- Eric Kasongo & Albert Ngoyi - JML Holdings Ltd & Kalozoweni Company Ltd - Tanzania
- Bruce - Stream Holding Company Ltd - Uganda
- (BUYER & SELLER) Robert Cohen - QVR Industries Corp - (see 1st scam listed, its the same one he tries to sell), I get more complaints about this man than anyone. Works with many brokers to legitimise it, including Sasikala Shiva Shanker.
- (BUYER) Gold Europe Ltd -Northampton
- Precious Metaline - Sierra Leone - Victor Dennis Davies
- Andy C Bote
- Shaku Khalid
- Sengendo Bruce - Stream Holding Company limited (SHOCOL) - Uganda / Congo
- Quan Nguyen - Singapore (broker)
- Ordiamex Mining - Guinea / Conarky
- Sabri Investments and Mining - Chile - often has gold "already" in Dubai
- Kirimeni Metals & Minerals, Trinity Mines SPRL, Trinity Incorporation, Tanzania & Congo, Emmanuel Savimbi, Tshepo Zwelibanzi Nkabinde, Charles James.
- SDMES Conarky Guinea Mining - Mining conglomerate, trial tranche, often collection with meeting in Amsterdam, seen several variations of this with 30/40kg trial tranche.
- M Turey and Mr Doumbia, Mali, bringing gold to ghana for sale.
- E Joseph Advocates of Kampala acting with Mr Imed Hamdaoui pretending to be cash buyers.
- Abraham Luzzi, Gulf Gate General Trading LLC, Dubai. Acting as agent then seizes product and wont release.
- Optim Gold, Kampala, Uganda - Several complaints about fake SKRs, to disappearing shipments
- Genco Africa Logistics, Nairobi & other East African Countries - Fake Shipping company with offices in airport, fake updating web tracking page.
- Seb Geoffrey (Jeff), Kampala, DRC - Fake gold and cargo websites.
- Adamawa Investments Ltd, Adam Mugga, Kampala, Uganda. Fake websites, gold always gets "lost" in transit.
- Ngoe & Associates Legal Consultants, Thomas Ngoe, Nairobi, Kenya.
- Daniel Nkrumah and John Adjepong, Ghana.
- Universal 1 Mining Company Limited, Accra, Ghana - Dickson Cudjoe Gawu aka William Gana & Seth Sakyi. Using Portugese banking of Banco Bic Portugues, Dr. Esequiel Lourenco Da Cunha Segundo. Mr Gawu was previously arrested for gold fraud in 2005.
- Munyakaragwe Godfrey, Uganda. Chemines Limited, trading under Haco Clearance & Forwarders
- M/s.Tofan Amvaj, General Trading Corporation, Iran / Shiraz, Tehran, also Mr Mousavi
- email@example.com, Global Mining SARL Company, Guinea -Magasssouba Aboubacar
- Frederick Patry, Canadian (Ex) Lawyer
- Gold from Cameroon. CEMAC buyers permit. Does not exist!
- Finance Minister of Guinea, Kaleta Electrical Project, Raymond Fords, offering finance to projects.
- We know get so many fakes per day we have stopped adding to this list unless its really bad.