The Consortium of Defrauded Victims (CDV) recently sent letters to 25 banks, identified as providing dubious business banking accounts to facilitate the high value monetory proceeds originating from a series of systematic, complex illegal Investments Frauds.
The CDV has extensive documentary evidence directly linking the in-flow/out-flow of substantial amounts of money from the identified fraud syndicate i.e. the boiler-room principals residing in Thailand to the named banks’ dubious business accounts. In addition, the account holders of those dubious accounts and the banks involved, have been verified by an independant investigative company, the details of which can be found here: https://fraudrecoveryblog.files.wordpress.com/2014/07/banks-and-receiving-accounts.xls
The CDV would like to reach out those banks who have responded to the letter within the 21 day deadline and thank them for their comments, which we are giving due consideration. We have also noticed that most banks have visited the blog site, some for extensive periods of time and we are currently waiting for them to respond to the letters. We advise the deadline is 20th February 2015.
Upon receipt of all the banks’ respective responses the CDV will consider its position and will reply on a collective basis, including providing the details of a person with whom you can communicate directly.
For those instituions who deliberately fail to repond to the deadline, will leave the CDV with no other option but to escalate this extremely serious matter to a higher authority, which may be detrimental to the respective banks national and international reputation. If necessary, we may release further due diligence evidence, clearly demonstrating that those banks have continually failed to conduct any realtistic client on-boarding (KYC) analysis and/or to comply with or impliment relevant anti-money laundering and terrorist financing in accordance with existing FATF regulations and guidelines.
We refer to the law firm ’Deacons’ (Hong Kong), who conclude, based on our fraud case as recently presented by the business journalist, Benjamin Robertson, South China Morning Post, that the banks must check the type of business the customer operates before opening accounts and continue to monitor the client’s business. Boiler-room accounts are generally found to have a high frequency of small cash deposits originating from many countries. Money is then removed from those accounts in cash withdrawals or transferred/skipped to another bank’s business account. Deacons have stated that this type of transaction patterns may indicate a money laundering technique called “smurfing”.
We have access to recent due diligence showing that banks have knowingly or otherwise, provided extensive banking services to boiler-room principals in Thailand, including criminals with indicative linkages to drug rings and terrorist actions, recently unveiled by several national legal agencies working in partnership.
Those banks that have not responded so far are urged to send their comments to the CDV official email address: fraudrecoveryblog at yahoo dot com, preferably including reference to a single point of contact for a dialogue, not later than February 20, 2015.
//The Consortium of Defrauded Victims (CDV)