Fake Gold Bars – Metric Tonnes of Gold for sale
Various emails circulate on the Internet for buyers or sellers of up to 10,000 metric tonnes of gold. This is more gold than the US Federal Reserve possesses. Frequently brokers are recruited as representatives and unknowingly perpetrate the fake gold bars scam.
Brokers or representatives looking to profit as middlemen in such transactions will take information that has been produced by scammers that include falsified documentation, such as warehouse receipts also know as SKR documents, and circulate emails looking for buyers of metric tonnes of gold – which are really fake gold bars that are either lead filled or 24 karat gold sprayed or dipped lead, silver, steel or even rocks.
Often times these transactions will involve the seller asking the buyer to issue a document such as a MT799 for purposes of proving the seller has the ability to pay for the metric tonnes of gold.
Fake Gold Bars – The Scam Unfolds
Typically the seller will provide a supposed contract referred to as a Full Corporate Offer, or FCO. The scammer will sign an agreement hiring the broker as their “seller representative” and promise them a commission if they find a buyer that will purchase metric tonnes of gold. The brokers never take the time to find out that they are assisting the seller to move fake gold bars, not real gold at all.
The seller will sign a fee agreement with the broker also referred to as a Master Fee Agreement (MFA). Once the MFA is signed by the buyer, the seller, and all brokers that are middlemen in the transaction, the broker is told they will be paid a healthy profit.
Fake Gold Bars – what is the scam all about
If the buyer actually conveys money to the seller, they will undoubtedly receive fake gold bars. The second goal behind the scam is for the seller to obtain banking information from potential buyers for various nefarious purposes. Once the banking information has been obtained the seller may try to ask for some form of upfront payment, or attempt to convert a bank instrument or leverage a bank instrument issued by the buyer for purposes of entering into a trade platform using the instrument issued by the buyer as collateral.
The specific language of the bank instrument will be crated to use the word “blocked” to refer to the funds, however other parts of the requested language will state that the funds are pledged to the seller via the instrument and it is possible to use this instrument to enter into a trade platform that will only benefit the supposed seller.
In the end the buyer never takes delivery of any of the supposed available metric tonnes of gold, because the seller never had possession of any metric tonnes of gold to begin with – they are all fake gold bars.