by Reportandie
This particular scam involves a fraud service for restoring withdrawn, smuggled or defaced currency.
There are a number of YouTube videos showing enclosed boxes taking in black money (bank notes covered in black ink. After a bit of cranking and some flashing lights, out comes a series of clean bank notes. These videos never show what is happening under the covers, of course.
The scam usually refers to some special chemicals that claim to remove the black ink and restore the bank notes to pristine condition, looking cleaner and pressed as if straight from the mint.
Presumably the target victims are people who have access to withdrawn currency, or have smuggled it through customs. Since such victims are already involved in an illegal act, the perpetrators of this fraud will feel confident that they will not be able to report them without incriminating themselves.
REFERENCES
From the Wikipedia definition
There are a number of YouTube videos showing enclosed boxes taking in black money (bank notes covered in black ink. After a bit of cranking and some flashing lights, out comes a series of clean bank notes. These videos never show what is happening under the covers, of course.
The scam usually refers to some special chemicals that claim to remove the black ink and restore the bank notes to pristine condition, looking cleaner and pressed as if straight from the mint.
Presumably the target victims are people who have access to withdrawn currency, or have smuggled it through customs. Since such victims are already involved in an illegal act, the perpetrators of this fraud will feel confident that they will not be able to report them without incriminating themselves.
REFERENCES
From the Wikipedia definition
The black money scam, sometimes also known as the "wash wash scam", is a scam where con artists attempt to fraudulently obtain money from a victim by persuading him or her that piles of banknote-sized paper in a trunk or a safe is really money which has been dyed black or another color (e.g. to avoid detection by customs). The victim is persuaded to pay for chemicals to wash the "money" with a promise that he will share in the proceeds.The Secrets Behind the 'Black Money' Scam As exposed by ABC News
The black money scam is a variation of what is known as advance fee fraud.
Last edited by Reportandie on Tue Oct 30, 2012 7:08 pm, edited 4 times in total.
