Businessmen caught in money scam
About 9 businessmen have been victims of a money scam, who estimate their combined loss at QR 6 million.
“We understand many more businessmen have been cheated and they are expected to come forward once the scam is reported in newspapers,” said a Bangladeshi equipment supplier who says he has lost about QR500,000 after supplying generators and similar equipment to the “firm”.
The latest details of the scam have been passed on to the police. All fraudsters in the scam are from two south Asian nations, it is learnt.
Sources among the victims said an unidentified Lebanese trader, dealing in steel equipment, had lost more than QR2mn.
A trading firm near the Karwa bus station in the Frij Al Ghanem area said it had lost about QR90,000 in the deal.
Source: Gulf Times
The cheating method that the company used is old and in operation from several decades without any solid solution. Since most of the businesses in the country run on credit basis, and their credits are mostly delayed or not paid, there is a dire need of a credit regulatory body in the Ministry of Economy and Trade who could monitor via computer accounting data, the credit transactions of large amounts, in order to avoid such happenings in future.
Yes the news is real, the company name is Spice Cost group, may, due to some security reasons be were not tell out the victims there names
What a crap bit of reporting. No real details. Why not actually come out and name the firm who carried out the alleged scam ?