Numerous knowledgeable observers and respected experts associated with industry have mentioned, like, that particularly in these tough global economic times, numerous crooks, scammers and fraudsters with really no real crude oil to sell, have trooped into the worldwide crude oil selling company in tremendous numbers, seeing it as a fertile ground for them by which, many of them believe, they are able to “strike it huge” by scamming unsuspecting or gullible worldwide crude buyers, aided and made much easier for them because of the Web as well as the much easier cover of anonymity it provides. Consequently, plainly, a well-established and decided TRUTH in the world of worldwide crude oil exchanging company today, is that entire surface is literally teeming and crawling with congenital scammers, and pathological crooks and fraudsters whom parade on their own, especially online, as crude “sellers.” (See, for an illustration, another article by this author published by EzineArticles.com, titled “purchase Nigeria Crude Oil Without Fraud: just how genuine Crude Oil Sellers will get prepared purchasers.”).
CLUES & SYMPTOMS FOR SPOTTING POTENTIAL CROOKS AND SCAMMERS
Given the above-described distinct reality today, are there any ways you can spot or detect crude “sellers” who are not GENUINE, or those people who are most likely simply scammers and fraudsters without any real crude allocation or crude to sell?
Listed here are some of the means and indications:
1. THE “SIGN THE salon,” “SIGN THE CONTRACT” GAME.
Frequently, a Buyer could get a seller or his agent whom aggressively pushes and presses your buyer should simply “just sign the contract, just sign the salon,” and that the rest is going to work out the buyer next. Usually, such vendor or perhaps the agent will pledge virtually heaven and earth, and invest in supplying the buyer just about any and every little thing whatsoever the buyer requires of him, provided the buyer just signals the contract. He can, the buyer would be promised, be straight away supplied satisfactorily verifiable POP, or perhaps the 2per cent Efficiency Bond, or have the vendor’s profile, his proof previous track record or previous overall performance inside selling of crude oil or of his creditworthiness, etc., etc – but just “after” the buyer features finalized the contract!
Watch out for such scenario by sellers or sellers’ representatives! Numerous supposed sellers that way probably never really have any oil allocation or readily available oil to sell. But for them, the trick is actually to obtain some gullible buyer to sign the salon or Contract. After which as soon as which done, such fraudsters will most likely intentionally fault the arrangement one way or another or perhaps the other, and employ that as a ruse to need a hefty punishment fee of up to $100,000 or higher from buyer. The customer will hence be forced either to fund a deal that never ever took place, or else, to truly have the buyer’s Letter of Credit tied up, at maybe higher price and cost into the buyer, until maybe he succumbs and pays within the scammy vendor’s “penalty.”
2. A SELLER WHO WOULD LIKE THAT MOVE/PAY FIRST
A great indication that you better employ caution, occurs when a seller wants one to make the move first from the sensitive and painful FINANCIAL aspects of the offer, such needing that you (the buyer) concern the Letter of Credit first prior to the vendor will then issue the customary 2per cent Efficiency Bond to activate that LC. A less scam-prone method would be the buyer (unless it’s a popular vendor which is involved) to truly have the vendor move FIRST by issuing the PB from an established worldwide lender, as this will guarantee your vendor has got the financial capability to have the ability to put up the PB prior to the buyer experiences the hassle of adding an LC, which may be quite a pricey idea for just about any buyer. Scammy sellers tend to be notorious for not-being able to put up the 2per cent PB following the buyer could have first put up the LC due to the fact, being typically a small, obscure or occasionally also non-existent procedure, such “sellers” often lack the resources to afford the PB, hence making the buyer with huge cost in banking costs for publishing the LC.
3. REFUSAL HAVING A TTM WITH BUYER
Purchasers may occasionally stipulate that there be a TTM (dining table Top Meeting), that is a gathering involving the buyers (or their particular top representatives) as well as the vendor, become held at a mutually convenient some time destination at which place the events will individually satisfy, talk about the regards to the offer, and sign the contract. It is really not unusual to find some sellers strenuously resist or refuse that, providing all types of factors and excuses for maybe not desiring it.
Watch out though for such! Such pose often arouses suspicion and serious doubt inside minds of skeptical buyers in regards to what may be the root motives associated with vendor for performing that, as well as the real personality and authenticity associated with vendor.
4. ONLY NIGERIAN-BASED, NON-FOREIGN RESOURCES OF CONFIRMATION
Whenever a seller provides a buyer ONLY Nigerian-based sources for confirmation of supposed crude allocation bona fides or cargo papers, without any credible foreign-based, non-Nigerian sources or authorities supplied, that could be a significant danger sign of potential con. Verification through Nigerian sources (NNPC Abuja or Bonny, the Ministry of Petroleum, Abuja, and so on), are often seen by worldwide buyers with grave suspicion as infamously unreliable and at the mercy of forgery, also to manipulation and corruption associated with realities and products.
5. NO VERIFIABLE PROOF LAST BACKGROUND.
Generally speaking, unwillingness, reluctance, or failure for owner, to deliver verifiable proof previous track record and capacity to perform, such credible proof that vendor had ever before published a 2per cent Efficiency Bond in virtually any deal before, or proof any earlier deals confirmable from a credible foreign, non-Nigerian source, showing where the vendor features really transported and successfully delivered any crude oil to anybody, and so on. This would about sound a warning alarm bell.
6. REFUSAL TO GIVE YOU SELLER’S PROFILE
Whenever a Seller is adamant against providing a statement associated with vendor’s profile (the vendor’s business in addition to its principal officials). Somebody who promises he (or she) really features genuine crude allocation for which he wants a potential buyer to cover some humongous amounts to him inside a few hundreds of millions of dollars, it is reluctant to deliver that potential buyer some profile of himself for a few notion of whom owner is, arouses serious suspicion in many buyers’ brain. This will be way more today, especially, in the present weather of worldwide crude oil exchanging trade, which by all reports is now ubiquitously inhabited by fraudsters and scammers.
7. NO PROOF CAPABILITY TO ARTICLE EFFICIENCY BOND
Frequently, some sellers may rapidly pledge to a buyer that they can publish a 2per cent Efficiency Bond as a way of ensuring the buyer that they’ll perform the contract, saying that they’ll achieve this “once the contract is finalized,” but would adamantly bark at any suggestion by buyer to allow them to show the buyer, before the events getting into the contract, some separately verifiable proof your Seller really has got the resources capability to have the ability to satisfy this 2per cent PB pledge upon the arrangement being finalized. As a prospective buyer, watch out! Which regularly a sign your vendor simply lacks the resources, and that he can never be able to publish the PB if a contract had been become finalized with this particular vendor.
8. IINSISTENCE ON AN RWA
Often, a Seller whom states he can publish a 2per cent Efficiency Bond insists he’ll achieve this just from the problem your Buyer, through buyer’s lender, will first send a request into the Seller’s lender for an RWA (preparedness, Willingness, and potential), such an MT799, asking for formally the Seller to put the said PB. Watch out! At least, this can be an illustration this vendor is probably not banking with an established lender which associated with caliber that preserves the greatest or world-class moral banking and financial criteria, such one that is rated one of the top 25 worldwide banks. Among nearly all of such top 25 worldwide banks on earth, performing such RWA is deemed “solicitation” in worldwide banking protocols, and it is seen in such sectors as unlawful thus something they will not practice under any situations. More notably, use of the RWA is seen in such extremely moral sectors as something employed by sellers whom lack the resources required for the publishing associated with 2per cent Efficiency Bond to obtain buyers to “sign contract, indication contract,” limited to these sellers to depend on financiers by showing them the NEWLY-SIGNED salon, which financiers will then enforce impractical problems that typically may not be also moved by any reputable top 25 worldwide banks.
9. MANIPULATION OF PAGE OF INTENTION (LOI).
Individuals whom claim become crude Sellers (or portray on their own as vendor’s agent or mandate), but up to now have really shown nothing tangible to demonstrate that they are really genuine sellers, but persistently need that potential buyers issue them an LOI (Letter of intention) right upfront even before the buyer will get out who they really are or something about them. Watch out right here! Many a time, particularly in an incident concerning a supposed vendor that is both a fake vendor or doesn’t already have the supposed crude at your fingertips, or, an unscrupulous aspiring vendor’s agent whom really has not obtained a crude supplier (vendor) however, buyers may issue an LOI and then find out there is no vendor on the other side end. This happens a lot in situations for which you have an hungry agent or facilitator that is still struggling to obtain a genuine supplier, by getting this LOI from an unsuspecting buyer, this facilitator can commit the buyer limited to him after that to begin hustling for a seller.
10. NAMING SHELL SCREEN & LLOYD OF LONDON ONCE THE SELLER’S CONFIRMATION SUPPLY.
a seller whom names sources just like the so-called NNPC “Shell Screen” or so-called “Lloyd of London” since the means where the buyer may do his confirmation the ATS or POP. These organizations tend to be FAKE and non-existent, and do not verify something.
11. Need for PAYMENT BEFORE Q & Q.
an expected vendor that requires one to spend any form of cash in advance anytime prior to the buyer conducts the Q & Q. Why should you have to pay for something when you yourself have maybe not confirmed the product is also there, or its volume and high quality requirements? Really serious, credible or successful sellers don’t have any must collect fees or payments in advance. As you analyst noticed, “just scammers desire to visit your money first, because their particular business is to get these fees, to not sell oil.”
12. REFUSAL BY SELLER’S AGENT OR SELLER ALLOWING VARIOUS PHONE EXPERIENCE OF BUYER
Particular purchasers would often ask the agent associated with vendor he arrange a 3-way phone meeting with the end-seller so the buyer can about establish a contact or verbal interaction with the end-seller. This could be essential for a buyer because it might be informative for him to have a verbal interaction with the vendor. A savvy buyer can examine, just from having this phone conversation and “feeling the pulse” associated with vendor, a lot concerning the vendor and his knowledge of the company, and a clearer picture of whether the vendor can actually deliver just what the buyer wants. A seller (or a seller’s agent) whom declines such use of a prospective buyer, however, arouses suspicion inside brain associated with buyer as to the agent’s motives and intentions, or perhaps the legitimacy associated with vendor.
13. REFUSAL TO GIVE YOU LOADING VESSEL DOCUMENTS
a seller whom promises your cargo was cleared, but won’t give you the cargo’s CPA (Charter Party Agreement), ATL (Authority To burden), and Q88 vessel details, must certanly be a reason for suspicion as to whether such a loaded vessel ever before really is out there.
14. COMMONLY, UNWILLINGNESS BY SELLER TO GIVE YOU EVIDENCE & TRANSPARENCY.
Generally speaking, unwillingness, reluctance, and failure for owner, to deliver some routine practical proof, or basic signs of privacy and decreased transparency or authenticity – e.g., the purported “vendor’s” profile, his previous reputation overall performance in oil product sales, being forthcoming with realities and information, showing capability and readiness to publish Efficiency Bond, ready supply by vendor of verifiability, and things such as that.
15. EXESSIVE PROMISES AND WORDS, BUT WITH NO SUPPORTING EVIDENCE
Generally speaking, purported “Sellers” whom just practice huge “talk, talk, talk,” and huge statements just through the Internet, but provide minimal “showing” of something – no EVIDENCE or EVIDENCE concerning the paradise and earth they claim!
FOR A FOLLOW THROUGH
For a follow up on a particular strategy where, exactly, you can spot scammy, crooked crude oil sellers of Nigeria alongside crude, please look at instructional information inside writer’s resource field below.