In the past three years, 78 of the 79 cars bought with fake bank drafts
have been recovered - and detectives were able to reunite all the relieved owners with their motors.
Omar Mohammed, 50, of Coulby Newham in Middlesbrough, pleaded guilty at Teesside Crown Court to four counts of possessing false instruments without lawful authority, namely two false cheques and two false bank drafts
The FSA said the misuse of bank drafts
only occurred in one branch.
The victim company--relying on its previously satisfactory business relationship--ships the goods, only to find out later the bank draft
They appear with bank drafts
which look realistic, but they are forgeries.
Later Dunne handed him three blank sterling bank drafts
for pounds 70,000 each.
and foreign currency, as well as monetary instruments with face value amounts of less than $10,000 (if the face value is more than $10,000, the funds would have been reported when the monetary instrument was purchased); these include cashier's checks, bank drafts
and traveler's checks.
In another scam, they force cash buyers, paying in full with bank drafts
, to fill out credit applications," said Ostroff.
This involves buying cars with forged bank drafts
and then selling them on for cash.
Cheques and bank drafts
totaling pounds 69m were found in his toilet bag.
The fraudsters - thought to be headed by a number of travellers - then send a courier to collect the goods and pay them with copied Bank of Ireland and Allied Irish Bank drafts
which go undetected until they reach the bank.
Cleveland Police are warning traders to be extra vigilant when accepting bank drafts
following a number of frauds involving high-value cars across the UK.
, postal orders and cash are the only accepted forms of payment.
Visiting authorized payment agents is just one of many available customer payment options, including telephone, automatic bank drafts
, credit cards, and mail, which remains the most popular form of payment.
CAR buyers and sellers have been warned to be aware of a huge scam involving counterfeit bank drafts