Beware of African Gold Scams: Protecting Yourself in the Precious Metals Trade
Quote from chief_editor on September 14, 2023, 2:40 pmAfrican gold dust scams and precious metals have deceived hundreds of people worldwide. These scams target not only the economically disadvantaged and uninformed individuals, leading to financial losses and economic hardship, but they have also left many businesspeople bankrupt and impoverished.
I've witnessed countless instances of despair in my office, and I still struggle to comprehend why people fall victim to these gold scams. Fraudsters primarily operate in West African countries such as Guinea, Sierra Leone, Ghana, Nigeria, Benin, Ivory Coast, Senegal, Cameroon, Mali, and Burkina Faso, among others. Tanzania, Kenya, and equatorial African countries also appear to be susceptible to such fraudulent activities.
These scammers consistently employ untraceable telephone and mobile numbers. Victims often encounter these scams through unsolicited emails, text messages, or fake mining websites. Buyers frequently make the erroneous assumption that they have a solid understanding and a good rapport in Africa.
The fraudsters claim to possess gold dust, gold bullion, or other precious metals, which they sell at nearly 20% to 50% below market prices, enticing buyers with the promise of extraordinary profits. Additionally, they often announce the availability of substantial quantities.
However, these scammers are well aware that handling large quantities of gold or precious metals involves significant challenges in extraction, storage, and safekeeping. It requires substantial effort, energy, and financial resources. In every African country, there are expatriate businessmen from diverse backgrounds who possess the resources and logistical capabilities to engage in legitimate trade and oversight. Nevertheless, fraudsters supply counterfeit certifications, licenses, insurance papers, certificates, and invoices, all of which are fabricated using nothing more than "Photoshop."
They work diligently to convince buyers that the sellers in Africa are legitimate individuals and that the gold or precious material genuinely exists. Typically, there is an initial payment required from the buyer for registration, taxes, paperwork, etc., which can range from a few thousand dollars to exorbitant amounts. This money is never refunded, and ultimately, the buyer never receives the gold. Even if the gold is purportedly cleared through customs in Europe, it is nothing but a deception.
Never travel to Africa to finalize deals, as in 99% of cases, these are scams perpetrated by unknown exporters. Never send money to these fraudsters, as they often request transfers via Western Union or MoneyGram. They do not need money because if they genuinely possess gold, gold itself is currency. This principle applies universally to funds originating from the African region.
As with any scam, they only require a "mark." Never disclose your personal information, bank account details, or passport copies to these scammers. Always verify each document by contacting the provided phone numbers if you are considering engaging in business transactions with supposed fraudsters.
Victims often forget to question where these exporters obtained their initial gold and why they do not sell it in the legitimate market. Gold and precious metals are universally recognized as currency, regardless of their form or composition. The gold and precious metals industries across the African continent suffer due to unstable and frequently corrupt governments.
As a result, victims find it challenging to pursue their lost funds, and even Interpol has limited capacity to assist in such cases. We do not conduct research to identify suppliers, nor do we endorse any individuals as suppliers.
Information for conducting legitimate business in any African country can be obtained from the respective ministries of those countries, as well as from the Chamber of Commerce and the embassies of the countries with which you intend to do business.
This information is provided solely for the purpose of preventing fraud and alerting individuals worldwide to the dangers of scams and fraud in the trade of gold and precious metals.
Ref: https://www.orobel.biz/information/news/scammers-and-frauds-in-gold-and-precious-metals-in-africa
African gold dust scams and precious metals have deceived hundreds of people worldwide. These scams target not only the economically disadvantaged and uninformed individuals, leading to financial losses and economic hardship, but they have also left many businesspeople bankrupt and impoverished.
I've witnessed countless instances of despair in my office, and I still struggle to comprehend why people fall victim to these gold scams. Fraudsters primarily operate in West African countries such as Guinea, Sierra Leone, Ghana, Nigeria, Benin, Ivory Coast, Senegal, Cameroon, Mali, and Burkina Faso, among others. Tanzania, Kenya, and equatorial African countries also appear to be susceptible to such fraudulent activities.
These scammers consistently employ untraceable telephone and mobile numbers. Victims often encounter these scams through unsolicited emails, text messages, or fake mining websites. Buyers frequently make the erroneous assumption that they have a solid understanding and a good rapport in Africa.
The fraudsters claim to possess gold dust, gold bullion, or other precious metals, which they sell at nearly 20% to 50% below market prices, enticing buyers with the promise of extraordinary profits. Additionally, they often announce the availability of substantial quantities.
However, these scammers are well aware that handling large quantities of gold or precious metals involves significant challenges in extraction, storage, and safekeeping. It requires substantial effort, energy, and financial resources. In every African country, there are expatriate businessmen from diverse backgrounds who possess the resources and logistical capabilities to engage in legitimate trade and oversight. Nevertheless, fraudsters supply counterfeit certifications, licenses, insurance papers, certificates, and invoices, all of which are fabricated using nothing more than "Photoshop."
They work diligently to convince buyers that the sellers in Africa are legitimate individuals and that the gold or precious material genuinely exists. Typically, there is an initial payment required from the buyer for registration, taxes, paperwork, etc., which can range from a few thousand dollars to exorbitant amounts. This money is never refunded, and ultimately, the buyer never receives the gold. Even if the gold is purportedly cleared through customs in Europe, it is nothing but a deception.
Never travel to Africa to finalize deals, as in 99% of cases, these are scams perpetrated by unknown exporters. Never send money to these fraudsters, as they often request transfers via Western Union or MoneyGram. They do not need money because if they genuinely possess gold, gold itself is currency. This principle applies universally to funds originating from the African region.
As with any scam, they only require a "mark." Never disclose your personal information, bank account details, or passport copies to these scammers. Always verify each document by contacting the provided phone numbers if you are considering engaging in business transactions with supposed fraudsters.
Victims often forget to question where these exporters obtained their initial gold and why they do not sell it in the legitimate market. Gold and precious metals are universally recognized as currency, regardless of their form or composition. The gold and precious metals industries across the African continent suffer due to unstable and frequently corrupt governments.
As a result, victims find it challenging to pursue their lost funds, and even Interpol has limited capacity to assist in such cases. We do not conduct research to identify suppliers, nor do we endorse any individuals as suppliers.
Information for conducting legitimate business in any African country can be obtained from the respective ministries of those countries, as well as from the Chamber of Commerce and the embassies of the countries with which you intend to do business.
This information is provided solely for the purpose of preventing fraud and alerting individuals worldwide to the dangers of scams and fraud in the trade of gold and precious metals.
Ref: https://www.orobel.biz/information/news/scammers-and-frauds-in-gold-and-precious-metals-in-africa