Traders signal fraudsters draining advances from fictitious grain sales

Grainstore, a grain trading company, informs its partners and the general public about credible signals of an organized fraud scheme in the territory of Northwestern Bulgaria, targeting trading companies in the agricultural sector. According to information from farmers, the scheme is initiated by recently registered companies with no assets and history, disguised as agricultural producers, which require advance payment for sales, but use the name and reputation of well-known farmers in the industry. In specific cases, long-term counterparties have been recruited to present foreign goods as their own in order to negotiate a deal of significant value, after which the buyer is defrauded by non-delivery of the goods. We urge all colleagues in the sector to be vigilant and to adopt similar protective practices. We advise agricultural producers who have information about such schemes to immediately notify the competent authorities. The ...