Questions

I have been asked to pay a fee of 2000 usd inorder to transfer the the investment funds to my domestic Indian bank account. Is this a scam?

I have signed an MOU with a private investor named Mr. Yamaoka Masatoshi. He asked me to open an international account with the Turk bank named ​I have signed an MOU with a private investor named Mr. Yamaoka Masatoshi. He asked me to open an international account with the Turk bank named ​Lik Birlesik Bankasi. Inorder to transfer out the fund from my international account with the Turk bank to my domestic Indian State bank of India bank account, I have to pay 2000 usd for UUP code. It cannot be deducted from the fund already in the international account yet I have to pay first inorder to transfer out the funds. Can you help me identify this is legit or a scam?

4answers

This situation raises several red flags and is indicative of a potential scam. Legitimate investment transactions typically do not require upfront fees simply for the transfer of funds. Here are some reasons why this might be a scam:

Upfront Fee Request:

Legitimate investment processes usually don't require you to pay a fee upfront, especially for the transfer of funds. Be cautious if you are asked to pay money before receiving any investment.
Advance-Fee Scams:

Requests for upfront fees are a common element in advance-fee scams. Scammers often use various pretexts, such as administrative fees, taxes, or processing fees, to convince individuals to send money before any actual transaction occurs.
Unsolicited Contact:

If you were contacted out of the blue and offered an investment opportunity, particularly if it's a significant amount of money, it raises suspicions. Legitimate investment opportunities are typically pursued through established and reputable channels.
Verification of Legitimacy:

Verify the legitimacy of the investment company or individual by conducting thorough research. Check for any warning signs or negative reviews associated with the entity.
Pressure Tactics:

Scammers often use pressure tactics to create a sense of urgency, making you feel that you need to act quickly to secure the investment. Legitimate investment opportunities allow for careful consideration.
Unusual MOU Terms:

Review the terms of the Memorandum of Understanding (MOU) carefully. If there are unusual clauses or if the MOU seems overly favorable to the other party, it's a cause for concern.
To protect yourself:

Do Not Pay Upfront Fees:

Refrain from sending any money upfront. Legitimate investment processes involve transparent and well-documented transactions without the need for upfront fees.
Verify the Company:

Research the company or individual contacting you. Check for their registration, credentials, and any available reviews or testimonials. Legitimate businesses are transparent about their information.
Consult Professionals:

Seek advice from financial professionals, legal experts, or trusted advisors before proceeding with any financial transactions. They can provide valuable insights and help you avoid potential scams.
Report Suspicious Activity:

If you suspect that you are dealing with a scam, report the incident to relevant authorities and regulatory bodies. They may be able to investigate and take appropriate action.
Remember that scams often target individuals who are unaware of common tactics or who may be enticed by the promise of significant financial gains. Always exercise caution, conduct due diligence, and consult with professionals before engaging in any financial transactions, especially those involving upfront fees.


Answered 3 months ago

Sounds like a scam. Typically, you would just wire the funds internationally. I'm not sure what would make this cost more than a few hundred dollars. Sounds fishy.


Answered 2 months ago

Yes its a scam! The situation you're in is indeed raising several red flags typical of financial scams: It's odd that you're being asked to open an account with a specific, potentially international bank—real investors usually don't require this. Also, the demand to pay a fee upfront for a UUP code, which can't be deducted from the transfer amount, is highly unusual and suspicious; legitimate banks generally deduct fees directly from the transaction amount. Engaging in international transactions with unknown parties is inherently risky, as scammers often masquerade as foreign investors to appear more credible. Even the use of an MOU with a private investor, while common in business, can be a tactic in scams. You should thoroughly research Lik Birlesik Bankasi and Mr. Yamaoka Masatoshi to verify their legitimacy, and consult with a financial advisor or lawyer familiar with international transactions. It's also wise to discuss this with your bank, the State Bank of India, for advice on such transactions and to be wary of unusual requests for upfront payments. Educating yourself about common financial scams, especially those involving international transfers, is crucial, and always trust your instincts—if something feels off or too good to be true, it's important to proceed with caution. Given these concerns, it's advisable to exercise extreme caution and seek professional guidance before making any payments or further engaging in this transaction, as scams involving international transfers can be sophisticated and convincing.


Answered 2 months ago

This does sound like a potential scam. Here are some red flags:

Requiring an upfront fee to transfer funds is highly unusual. Legitimate transfers should not involve any fees taken from the recipient.

Asking you to open an account with a foreign bank, especially one in Turkey, is unnecessary if the funds are ultimately going to an Indian bank account.

The investor's name, "Mr. Yamaoka Masatoshi," sounds invented or fake, and there is no way to verify his identity. Scammers often use made-up Asian-sounding names.

The "Lik Birlesik Bankasi" bank name is unfamiliar and hard to verify as a legitimate Turkish bank. It could be a fake bank set up by scammers.

The explanation involving "UUP codes" to transfer funds sounds fabricated. No standard banking transfer system uses such codes that require an upfront recipient fee.

My strong advice would be to not send any money or share any account details. This has all the hallmarks of an !advance fee scam, where they will keep asking for more fees but never actually send any funds. Be very cautious about any unsolicited investment offers that involve opening foreign bank accounts or paying upfront fees. Proceed only if you can thoroughly verify the identities of the investor and banks involved.


Answered a month ago

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