Black Money Business Jobs : So... This is Business With Africa

Discussion in 'Black Money Business Jobs' started by twashing, Jun 28, 2007.

  1. twashing

    twashing Well-Known Member MEMBER

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    Ok, so this is a fairly acid tale of a great opportunity I had to make a real estate flip in NYC, but was bungled up by a money lender out of Ghana. This is the future of our business with each other unless we get our sh*t straight.

    I needed $US 10000 investment money for a real estate opportunity in New York city. I shopped around to a couple of hard money lenders as I would only have needed the cash for about 2 weeks. A fairly pleasant and honest (or so I thought) fellow from Ghana offered his terms to me and said there was an administration fee up front for this transaction. I was very hesitant, but was able to get a quid pro quo dance for my Western Union money transfer. So I have a scan of a wire deposit slip in my inbox and I think these people are acting in good faith, so I give them the administration fee. 1 day passes and I haven't seen the wire in my account. 2 days pass and I still haven't seen the wire in my account. The day of the opportunity comes (today) and I sill don't see the money in my account. So I call up the lenders and ask what is going on. They say the transfer has been stopped by the authorities, as all international transfers are taxed. So my $US 10000 requires another $1000 from me, to be wired immediately to the lender so he can pay that tax..... riiiiiiight!!! I asked him to remove those funds and send them via Western Union - he can't. I asked him to send $9000, and use the difference to pay the tax - he can't. He can magically come up with $700 if I can send the last remaining $300 in my account (I just came up with that figure).

    I figured most African scams were coming out of Nigeria. And when I saw the scan of the EcoBank (a rising Pan-African banking group) deposit slip, and the lender's faith in god and blah blah blah, I thought ok, these people are acting in good faith. Nope. Even if he was being completely honest about not knowing there was a tax on international wires (very probable in a lot of countries), he should have me know this or made some kind of provision. Nope. So this is what I'm stuck with - out of pocket travel and accommodation expense, lost opportunity, lost hope and faith in getting anything real accomplished.

    Maybe there are some money lending opportunities I overlooked here or elsewhere. But this is a cautionary tale from someone who is usually very prudent in all his affairs. I'm licking my wounds and regrouping with an eye to controlling all aspects of my money in the future. This has set me back at least a year. And it has sobered me on the realities of doing business with Africa in the real world, right now.
     
  2. Destee

    Destee destee.com STAFF

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    Brother TWashing ... i'm sorry to hear you've experienced such, and appreciate you sharing with us.

    I know you know, that it isn't all businesses in Africa, carrying on like this ... but as you say ... we must be very careful.

    Much Love and Peace.

    :heart:

    Destee
     
  3. KWABENA

    KWABENA STAFF STAFF

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    I will keep this is Mind...best believe. That is more than just a wound...that is a massive scar!

    MK
     
  4. Zulile

    Zulile Well-Known Member MEMBER

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    "And it has sobered me on the realities of doing business with Africa in the real world, right now."

    I must stress the largest money lending/investing scams are based in Eastern Europe. With the world of online business, it is becoming more and more difficult to seperate the genuine from the theives - or to define their locations.

    This type of scam you've fallen for is generally known as the 419 scam - The number "419" refers to the article of the Nigerian Criminal Code (part of Chapter 38: "Obtaining Property by false pretences; Cheating") dealing with fraud.- or the "advanced fee" fraud. Originating during the oil crisis in the 80's - but now almost all money scams are being labeled 419's and associated with Africa - but that's another story for another day.

    I was once heavily involved in this scheme - to a point where I considered myself an "infiltrator" as I socially climbed the heirarchy within one of the many bands of scammers based in Amsterdam. Athough I was warning potential victims the theives came in contact with, rather than stopping the theives themselves. I stopped, because I became frightened for my safety at one point.

    To this day I am stunned by the spider web of people involved, many who are unaware they are involved in assisting fraud - the professionalism in creating all manners of false documentation/websites is astounding, to say the least. And that being just the tip of the iceberg.

    there is a golden rule in any money borrowing scenario - you never give $, to borrow $. A legitimate money lender will include any additional fees in the loan.

    I'd like to add a quick popular scam for money borrowers - particulraily in the USA where they still use the written checks. Often, the scammer will send you a check for the money you requested, but with a slight error.. if you asked for 10k, they'll send a check for 12k. They day you receive the check, they'll contact you and request you deposit it right away, and immediately wire back the extra 2K. Which you do - only to find the original check doesnt clear. and you're out 2k.

    I am very sorry to hear about your loss.
     
  5. twashing

    twashing Well-Known Member MEMBER

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    Thanks for all your responses; they were really encouraging. Now, I know that not all of African business is conducted this way. But if I or we want to get anything accomplished in this lifetime, I figured I'd better be pragmatic. Indeed, Eastern Europe and Asia have a great deal of illegal activity. And I'm going to have to learn about the different money lending scams out there if I'm going to avoid them in the future. It really leaves me thinking about how difficult it is to find a legitimate hard money lender (a contradiction?) if I really need it. I think I'll only have to stick with regular business loans and lines of credit from banks.
     
  6. Sami_RaMaati

    Sami_RaMaati Well-Known Member MEMBER

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    That could have happened right here in the USA. Scammers are everywhere. You should see the number of white people who get scammed by other white people, including "respectable" multibillion dollar corporations. Morgan Stanley, the venerable financial services firm which is a respected name in the world of high finance, recently got caught scamming its precious metals clients. Take home lesson: Trust no one, whether it's a smiley Black face or a smiley white one, whether a mom & pop business or a large, well known corporation.

    In your case, the red flag should have gone up when he asked for an "administration fee" up front. In a legitimate operation, all fees and charges are deducted from the loan proceeds and are disclosed up front. That way, when the loan check is made out to you, the fees have already been paid and you should have few or no out of pocket expenses.

    As far as hard money lenders, there are some legitimate ones out there, but you have to do some serious due diligence. Word of mouth is probably the best way to go. Finally, if you keep looking, opportunities like this will continue to come your way, especially in a big city like NY.
     
  7. Keita Kenyatta

    Keita Kenyatta going above and beyond PREMIUM MEMBER

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    SORRY to hear about this although there is a lesson in it that we must never forget. Just as we here have been corrupted and brainwashed and have fallen victim to the values of the clear people, so have they over there through colonization...especially where the clear people have been heavily entrenched in Africa.
     
  8. twashing

    twashing Well-Known Member MEMBER

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    Sage advice from all of you. I suppose I had to really make my mistake in order to learn my lesson. I'm just eager to get some traction in terms of capital generation. But you're right, there's loads more opportunities and I think that something will drop within the next year. I just have to remember to follow the numbers and mind the red flags.

    Hmmm, it would be interesting to set up a kind of game situation, where a bunch of situations, opportunities and pitfalls exist, and how do you turn those opportunities into tangible income or assets. Just thinking out loud.
     
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