Recently, several instances have been reported from India where Importers and Exporters from India dealing with China and Russia have been cheated by fraudsters and the fraudulent money diverted to Banks in Hing Kong.

The modus operandi is to intervene in genuine importer-exporter communication and to send instructions through false e-mail IDs similar to the official IDs of one of the parties and advising the paying company that the payment has to be sent to a new Banking account of the recipient in Hong Kong.

The paying company without spotting the change in the e-mail address have proceeded to pay money into the false Bank account in Hong Kong.

I hereby request Hong Kong police to take proper action when such  crimes are  reported to them so that Hing Kong does not become a “Money Laundering Hub”.

I also hereby request Reserve Bank of India to immediately take steps to stop all Export-Import remittances to Hong Kong unless they are backed by Letters of Credit from reputed international Banks.

I demand that ECGC takes immediate steps to ensure that Indian Exporters as well as the Importers donot fall prey to such frauds.

If these organizations require more information, they can contact me at naavi@vsnl.com.

I shall also be forwarding a formal request to RBI and ECGC in this respect. This post is however made in the interest of creating a public awareness of this modus operandi of Cyber Fraudsters.

Naavi

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