12-05-2022

Online Scam, money recovered: how did we do it?

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Online Scam, money recovered: how did we do it?

Our client, a major financial company based in Dubai (UAE), approached our law firm as he needed legal advice in the context of an international arbitration procedure that involved him.

Once the Company gave us all the documents on which the arbitration procedure was based, after our lawyers made a thorough study of them, we immediately realized that there were many obscure points in that procedure and that, probably, it was an online scam that the Company had suffered.

The problem, in this case, is that the Company we assisted had already delivered large capital to the other Company that was scamming it and therefore, in the absence of an immediate intervention on our part,  there would have been an absolutely real risk of losing all the money handed over.

You must know, in fact, that in the context of online scams one of the most important things is to be able to understand in time that you are the victim of a scam and to proceed immediately with legal actions, in order to avoid that over time the capital can go missing.

In the case of our clients, despite the fact that they still did not realize that they were victims of an online scam, they had the good intuition to contact lawyers with experience in the field of online scams, who directed them in the best possible way to proceed with of targeted legal actions, aimed at protecting the assets they had handed over and preventing the capital from being dispersed.

If you want to know how we managed to recover all the money that the company we assisted has delivered, then I suggest you continue reading this article in which i will explain in detail what were the methods of the scam, the actions we pursued and how we got money back for online scam.

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The method of the scam

As I told you before, our client was a major financial company based in Dubai (UAE) which, at that time, was looking for financing to raise funds that it would need for ambitious projects that it wanted to carry out.

To this end, therefore, proceeded to contact a Company that, based on what had verified online, had excellent references for these types of financing and that, having direct contacts with banks, would enable our client to obtain financing for the full amount requested in a short time.

Therefore, once the initial contacts between the two Companies were established, and once an atmosphere of mutual trust had been created, the Company proposing the financing had our client sign two contracts:

1 – With the first (main) contract, all aspects of the financing were agreed upon, the manner of obtaining it, the charges the parties would incur and the manner of dispute resolution;

2 – With the second (ancillary) contract, on the other hand, the relations between the parties were simply established for the brokerage activity only, establishing in this case different modes of dispute resolution.

In fact, under the “main” contract, it was stipulated that disputes between the parties were to be resolved on the basis of an arbitration procedure to be held in a “neutral” location, that the arbitration panel that would decide the dispute would be composed of three arbitrators, appointed by both parties, and on the basis of an international regulation conventionally applied in a very large number of international arbitration procedures.

By the “ancillary” contract, on the other hand, it was stipulated that disputes between the parties were to be settled by a single arbitrator, based in the same place where the Company proposing the financing had its registered office, and on the basis of equity.

Clearly, from the very first moment it appeared absolutely clear that there was an imbalance between these two contracts with regard to the mode of dispute resolution even though, specifically, it was an aspect to which no particular importance was given since, the Company we assisted, did not think that it could be the victim of an online scam, also in light of the excellent references it had found online about the Company that proposed the financing.

Once the contracts were signed, therefore, the Company proposing the financing, as stipulated in the contract, had an “inter-bank letter of credit” issued in favor of the Bank of the Company assisted by our law firm, through which the bank committed to the payment of the entire financing requested by our client.

Once the said “letter of credit” was issued, however, this letter was never acknowledged by the Bank of the Company assisted by our law firm which, specifically, invited the other bank to make contact with it to finalize the procedure.

Clearly, the other Bank (which was not actually a bank) never proceeded to do so, causing the Company we assisted to incur the deadlines stipulated in the contract it had signed.

At this point, therefore, the Company that had proposed the financing, objecting to the Company we assisted that it had failed to meet its obligations under the contract, began an arbitration procedure against Our client, however, said arbitration procedure, was not undertaken before the arbitrator provided for in the “main” contract, but before the arbitrator provided for in the “ancillary” contract.

Through this arbitration procedure, the Company that had proposed the financing sought the condemnation of the Company assisted by our law firm, requesting to obtain the collection of the sums pledged to guarantee the contract by our client.

The Dubai-based Company, therefore, turned to our international law firm for legal assistance in the arbitration procedure, not imagining, however, that it was a victim in an online scam.

How we became aware of the online scam

As I told you before, not even our client realized that he had been the victim of an online scam, simply considering the whole situation absurd, but not wanting to lose the large capital he had handed over as collateral for the financing contract.

You have to know, in fact, that very often, in the context of online scams, the victim of the scam does not even realize that he has been scammed, losing large amounts of capital that, clearly, will never be returned in the absence of immediate legal action.

In the case of the Company we assisted, therefore, it simply wanted to be assisted for the arbitration proceedings, not deeming it fair that the jurisdiction to decide the dispute had settled on the arbitrator provided in the “ancillary” contract (and not on the one provided in the “main” contract), thus fearing losing all the capital given as collateral for the contract.

The arbitration proceedings were being followed by Lawyers Vincenzo Ezio Esposito and Ismaele Brancaccio, who clearly set to work immediately to try to recover the capital handed over as collateral by Our client.

If you want to know who our lawyers are and learn about their professional skills I recommend reading here.

Once all the documentation was handed over to us, then, in light also of the very tight deadlines that were being imposed by the arbitrator appointed to decide the dispute, our lawyers proceeded to request a deadline to proceed to study all the documentation, objecting to the arbitrator’s competence to decide the dispute, in light of the fact that there was a “main” contract that provided for a different jurisdiction in the hands of an international arbitration panel, based in a “neutral” location, which was supposed to decide the dispute on the basis of an international regulation conventionally used by many Companies to settle disputes.

Clearly, as I will explain later, our request was rejected by the arbitrator who, however, gave us a longer time limit in order to be able to deal with the arbitration proceedings, thus allowing us to make investigations and defend our client in the best way possible.

The investigations made by our lawyers

Once we managed to obtain a broader term to protect the rights of the Company we were assisting, therefore, we undertook an enormous study of the documentation that was being handed over to us, as well as a targeted study of the Company that had proposed the financing, since it was not very clear what had prompted said Company to undertake the arbitration procedure.

Well, through a complex investigation, Attorneys Vincenzo Esposito and Ismaele Brancaccio managed to discover that the Company that was supposed to decide the dispute as arbitrator (which, as I told you earlier, had its registered office in the same state as the Company proposing the financing) was none other than a “participated” Company of the Company that had proposed the financing to Our client. 

In good substance, therefore, the arbitrator who was to decide the dispute could never have been an arbitrator who was “neutral” with respect to the parties since, specifically, it was a Company in which part of the shares were “indirectly” owned by the Company that had proposed the financing to Our assisted and had requested arbitration.

Through a complex investigation activity carried out on the official documentation of the two Companies, obtained with no small amount of difficulty through official channels of the foreign State in which they were present, it was even discovered that the two Companies, from what emerged from their articles of incorporation, even had the same registered office, the same telephone number, and the same email address.

The deeds of incorporation of all the companies were then acquired, with the signatures affixed for the constitution of the same.

At this point, therefore, it was absolutely clear that the arbitration procedure had been designed “ad hoc” to ensure that the Company we assisted would be unsuccessful, nevertheless giving an appearance of legality to the whole procedure.

Clearly this situation created not a few worries for our client since, in the event that the arbitration had been decided, he would have lost the entire capital placed as collateral for the loan agreement.

The defensive strategy of our lawyers

Once we were able to obtain all the documentation, and once we were able to satisfy ourselves of the goodness of the same, Our lawyers immediately sent an official communication to the arbitrator designated to decide the dispute in which the entire situation was highlighted, enclosing also the official documentation from which the relations between the two Companies (the one that should have decided the dispute and the one that had requested arbitration) were evident.

With this communication, therefore, the arbitrator was warned against making any kind of decision, in light precisely of the obvious conflict of interest that existed between the parties, it being evident that the decision that the arbitrator would make would exclusively favor the Company that had requested arbitration.

You have to understand, in fact, that the first risk we wanted to avoid was precisely that the arbitrator might make a decision on the dispute since, in the event that he issued an award, this decision would have been binding and would have allowed the Company that had proposed the financing to appropriate the entire sum given as a guarantee of the contract by the Company we assisted.

In this case, in light of all the circumstances that were brought to light, as well as the documentation that was attached to the request, which certainly allowed us to believe that there was an online scam, the arbitrator decided not to make any kind of decision on the dispute, refraining from deciding the proceedings !!!

Once we obtained a stay of the arbitration proceedings, therefore, we had greater peace of mind to proceed with the demand for the return of the money given as collateral by our client.

How we were able to recover money after the online scam

As I told you before, in the light of what had emerged, it seemed absolutely clear that the Company we assisted had been the victim of an online scam, however it was evident that, once we had obtained the abstention from the decision by the designated arbitrator, the further step was to try to recover the money that our client had given as a guarantee, this being the main interest of our client.

To this end, therefore, our lawyers immediately set to work to proceed with the warnings for the return of the money, considering it absolutely unjustified that said money was still withheld despite the fact that our clients were the victim of an online scam.

Well, after an innumerable series of requests, and after a job that never seemed to see an end, we finally managed to ensure that the Company we assisted was able to obtain all the money it had placed as a guarantee for the contract.

online scam

Once we got the money back, the messages of appreciation sent to us by our clients were the greatest professional satisfaction for our hard work.

international lawyer client satisfaction

Perceiving the great esteem and gratitude of these people made us deeply proud of our work, through which we managed to foil an online scam, repaying us for whole days of work spent studying this case.

Why contact an expert online scam lawyer?

As you may have understood, the one dealt with is a complex, delicate matter that requires particular and specific professional skills that not all lawyers possess.

It is therefore always advisable to rely on a competent online scam lawyer who is an expert on the subject, who knows the legal matter well, so that, right from the start, there is the maximum guarantee of the right of defense, arranging the most appropriate defensive strategy to the specific case.

Get in touch immediately with one of our lawyers who will explain our method that often leads us to have great results with the same degree of satisfaction of our clients.

Why are our law firm’s clients satisfied? Why are so many customers so grateful to us?

The method of Criminal Lawyer H24. Why choose our law firm?

Our priority is to place the client at the center of our work, to take on their concerns and fears. Being subjected to an online scam is a tragedy that involves the whole family.

Over the years we have well understood this circumstance and it is therefore essential to establish a relationship of trust with the client right from the start, which takes the form of:

  • constant information on our professional activity carried out in your exclusive interest. You will be updated step by step of what we are doing and what will happen. We will explain things to you so that you can understand the difficult language of the law;
  • maximum availability: our firm is called Criminal Lawyer H24 because we are always operational 7 days a week, 24 hours a day. We are always by your side and you can always count on us. Every day at any time of day or night.
  • formulation of an immediate estimate with no future surprises. Each defensive choice will be agreed in advance with you, you will not have any nasty surprises and you will not have to incur unexpected costs. From the beginning you will know what costs you will have to bear.

The full respect for these simple rules and our preparation has led us over the years to give many satisfactions to our customers.

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As you can read about our utmost dedication, our professional commitment leads, most of the time, to achieving the desired result.

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