The most famous scam happened in Oil and gas commodity trade where the seller mentioned the below Statement in Standard Operating Procedure.
1. DTA to be endorsed with a tank farm before the Physical Dip test in seller’s tank at the buyers cost.
2. TTTIA / TTVIA signed before the Physical Dip test in the seller’s tank at Buyers cost.
3. Seller will pay 3 days tank payment to buyers tank followed by buyer will pay 2 days to his own tank farm & complete 5 days TSR for injection.
4. Signing INJECTION PROGRAMMING AGREEMENT before the Physical Dip test in the seller’s tank at Buyers cost.
5. In Partial proof of product issuing ATV – Authorized to verify the existence of product via email or call.
6. In Partial proof of product giving Guarantee Letter for the tank storage extension and for any default within 7 banking days.
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7. Seller issues a copy of SGS report strictly to Seller tank farm Company, to verify SGS report in their office & then Invitation letter to seller nominated logistic company to check the SGS report, confirm and verify and after that buyer makes a payment for Tank Storage Extension (TSR)
8. Recommending sellers Tank Firm for getting TSA .
9- Asking for TTO fees while the vessel is in OPL and on its way.
The above-mentioned points if in SOP , do not proceed with the deal.
*so BEWARE
Many other means also invented by scammers and Half Knowledged brokers everyday .
