Title: “Foreign Scammers Targeting Kyrgyz Entrepreneurs in Sophisticated Financial Fraud Schemes: A Warning from the National Bank of Kyrgyz Republic”

Overview

The National Bank of the Kyrgyz Republic has issued a warning regarding an increase in financial fraud attempts against local entrepreneurs, with the perpetrators posing as international investors. In these cases, scammers manipulate unsuspecting businesspeople with promises of lucrative joint ventures and significant investments.

How the Scam Unfolds

1. Approach: A foreign investor contacts a business partner in Kyrgyzstan with an offer to collaborate on a project, proposing amounts ranging from millions to billions of dollars or euros.
2. ** False Funds**: The fraudster sends documents purportedly showing that the funds have been transferred. However, the money does not materialize when the Kyrgyz partner visits the bank for withdrawal.
3. Additional Requirements: The pseudo-investor may demand specific payment systems like TELEX, RTGS, or additional SWIFT services such as gpi (Global Payments Innovation) or connection through Alliance Lite2.
4. Fake Documents: If the businessman tries to secure the transfer with the bank, the fraudster may submit false or incorrect payment documents. The National Bank then investigates the matter, leading to questions about the credibility of the investor.

Scammers’ Offers

Instead of a legitimate investment, businesses risk losing their own funds. Scammers may persuade companies to transfer a portion of their funds directly to a partner in Kyrgyzstan to initiate the project. They might claim that additional documentation is required, processing fees need to be paid, or transfers encounter complications.

Inevitable Roadblock

The foreign investor may cite difficulties within their bank or issues with the SWIFT system as reasons for delays or complications with the transfer. However, legitimately banks do not mandate specific payment methods to initiate transactions, including investments.

SWIFT’s Perspective

SWIFT, the system for international transactions, observes similar trends worldwide. Scammers frequently cite the need for specialized interfaces like Alliance Lite2 or the SWIFT gpi service to finalize deals. SWIFT considers these instances as fraudulent attempts against partner corporations and banks.

Caution from the National Bank

Engaging in larger transactions with potential partners, especially those who urgently push for direct deals and complicating payment structures, should be approached with caution. A lack of an Alliance Lite2 interface or a SWIFT gpi service for a user does not hinder initiating any transactions via SWIFT, including investments.

The National Bank advises the following to prevent falling prey to these scams:

• Thoroughly investigate potential partners: Check their credibility, background, and intentions.
• Beware of unsolicited offers: Only engage in transactions or projects with established partners or reputable investors.
• Monitor transactions closely: Keep track of all transactions, and stay updated about potential risks and fraud trends.
• Maintain communication with banks and payment systems: Establish open communication channels, and consult them when in doubt to prevent fraudulent attempts.