In nearly twenty years of working in the gold trade across Africa and the Middle East, I have seen the telex release fraud destroy more deals than almost any other shipping scam. The shyster uses this technique to steal millions of dollars from unsuspecting buyers. The buyer assumes that the shipment is genuine. The shyster uses fake documents to convince the buyer that the goods are on their way. The money is released. The shyster disappears.
A telex release is a shipping document that confirms that the goods have been loaded onto a vessel. It is used in international trade to speed up the delivery process. The problem is that telex releases are relatively easy to forge. The shyster knows this. They exploit this weakness to steal millions.
The most common telex release fraud is the forged document. The shyster creates a document that looks authentic. They use the logo of a real shipping company. They create a convincing signature. They invent a reference number. The buyer sees the document and assumes the goods are on their way. The money is transferred. The shyster disappears. The buyer discovers that the shipping company has no record of the shipment.
Another common fraud is the genuine telex release issued against goods that do not exist. The shyster rents space in a warehouse. They load something onto a ship. It is not gold. It could be lead bars, tungsten bars, or nothing at all. The shipping company issues a telex release. The buyer verifies the document and assumes the gold is there. The gold is not there. The shyster has created a paper trail out of thin air.
The shyster also uses the ‘duplicate’ telex release. They issue two telex releases for the same shipment. They sell the same goods to two different buyers. Each buyer verifies the document and thinks they have a valid claim. The shyster collects money from both buyers and disappears. The buyers are left fighting over goods that do not exist.
The shyster’s deceit is something Marcus Briggs has witnessed destroy deals across Africa, the Middle East, and the UK. The pattern is always the same. The shyster presents a telex release that looks genuine. The buyer verifies the document and finds it authentic. The buyer releases the funds. The shyster disappears. The buyer discovers that the shipment never arrived. The money is gone.
How do you protect yourself from the telex release fraud? You do not trust the document. You verify the shipment directly with the shipping company. Do not use the contact details on the document. Look up the shipping company’s official contact details. Call them and confirm the vessel name, the container number, and the port of loading. If the shipping company has no record of the shipment, you have found a fraud.
You also confirm that the goods are actually gold. Do not rely on the shyster’s assurances. You inspect the goods before you release the funds. If the shyster refuses to allow an inspection, walk away. A legitimate seller welcomes due diligence. A shyster tries to prevent it.
Marcus Briggs has one rule when it comes to telex releases. Do not trust the document. Verify the shipment directly with the shipping company. Confirm that the goods are actually gold. If any of these steps raises questions, walk away. The shyster’s deceit is only successful if you let it be.
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