MARITIME AND  COMMERICIAL FRAUDS BY Dr M C HARBOLA IIFT, NEW DELHI
<ul><li>TYPES OF FRAUDS </li></ul><ul><li>FRAUDS COMMITTED BY A TRADER   AGAINST ANOTHER TRADER,SHIPOWNER,   BANK OR INSUR...
VICTIMS <ul><li>GENERALLY BANKS AND INSURANCE COMPANIES. </li></ul><ul><li>EXPANDING TRADE, COMPLEX TRANSPORTATION PROBLEM...
<ul><li>COMMERCIAL N DOCUMENTARY </li></ul><ul><li>FORGING OF DOCUMENTS, VIZ.,    B/L, AWB, L/C AND INSURANCE   POLICY </l...
<ul><li>OVER VALUATION OF OLD VESSELS FOR INSURANCE PURPOSES. </li></ul><ul><li>SINKING OF OVERAGED VESSELS BY SHIPOWNERS ...
<ul><li>TRANSFER OF FOREIGN EXCHANGE ON THE BASIS OF DOCUMENTS BUT WITHOUT ACTUAL MOVEMENT OF GOODS. </li></ul><ul><li>OFF...
DIFFERENT TYPES OF   FRAUDS COMMITTED   BY  VARIOUS PARTIES.
CARRIER VS SHIPPER <ul><li>ISSUING FAKE B/L AND DISPOSING OF GOODS ON THE WAY. </li></ul><ul><li>CHANGE IN OWNERSHIP OF SH...
<ul><li>CARRIER VS INSURANCE CO.   </li></ul><ul><li>GETTING OLD VESSELS INSURED FOR A HIGHER VALUE AND GET THE SAME SUNK ...
<ul><li>ACCEPT CARGO AFTER ASCERTAINING ITS NATURE. </li></ul><ul><li>PRECAUTION AGAINST BANNED CARGO, e.g. GOLD, CURRENCY...
<ul><li>CHECK THE RELIABILITY OF   CHARTERER </li></ul><ul><li>CAPTAIN OF SHIP TO ENSURE   THAT THE B/L IS ISSUED FOR   CA...
<ul><li>EXPORTERS VS IMPORTER/   CARRIER/FF/INS CO. </li></ul><ul><li>DEAL WITH REPUTED SHIPPING CO OR A CONFERENCE SHIP. ...
<ul><li>INSIST ON A FORMAL SALES   CONTRACT N IRRIVOCABLE   L/C FROM BUYER </li></ul><ul><li>FIND OUT CREDENTIALS OF   BUY...
<ul><li>THANKS </li></ul>
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Maritime and commericial frauds1

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Maritime and commericial frauds1

  1. 1. MARITIME AND COMMERICIAL FRAUDS BY Dr M C HARBOLA IIFT, NEW DELHI
  2. 2. <ul><li>TYPES OF FRAUDS </li></ul><ul><li>FRAUDS COMMITTED BY A TRADER AGAINST ANOTHER TRADER,SHIPOWNER, BANK OR INSURER </li></ul><ul><li>FRAUD COMMITTED BY A CHARTERER AGAINST SHIPOWNER </li></ul><ul><li>FRAUD COMMITTED BY A SHIPOWNER OR </li></ul><ul><li>TRADER AGAINST INSURER, N </li></ul><ul><li>FRAUD COMMITTED BY A CHARTERER OR SHIPOWNER AGAINST A TRADER </li></ul>
  3. 3. VICTIMS <ul><li>GENERALLY BANKS AND INSURANCE COMPANIES. </li></ul><ul><li>EXPANDING TRADE, COMPLEX TRANSPORTATION PROBLEMS HAVE ADDED TO THE PROBLEM. </li></ul><ul><li>ICC NOT AWARE OF ANY CASE WHERE A BANKER OR INSURER HAS PERPETRATED FRAUD. </li></ul>
  4. 4. <ul><li>COMMERCIAL N DOCUMENTARY </li></ul><ul><li>FORGING OF DOCUMENTS, VIZ., B/L, AWB, L/C AND INSURANCE POLICY </li></ul><ul><li>THEFT, PILFERAGE OF GOODS WHICH ARE INSURED </li></ul><ul><li>HIGHER AMOUNT OF INSURANCE FOR CHEAP GOODS </li></ul>
  5. 5. <ul><li>OVER VALUATION OF OLD VESSELS FOR INSURANCE PURPOSES. </li></ul><ul><li>SINKING OF OVERAGED VESSELS BY SHIPOWNERS TO CLAIM INSURANCE AMOUNT. </li></ul><ul><li>INSURANCE OF GOODS NOT ACTUALLY SHIPPED. </li></ul>
  6. 6. <ul><li>TRANSFER OF FOREIGN EXCHANGE ON THE BASIS OF DOCUMENTS BUT WITHOUT ACTUAL MOVEMENT OF GOODS. </li></ul><ul><li>OFFLOADING OF GOODS AT PORTS OTHER THAN NAMED IN THE B/L AND OTHER DOCUMENTS. </li></ul><ul><li>SHIPMENT OF GOODS OTHER THAN DECLARED IN THE INVOICE/PACKING LIST. </li></ul><ul><li>SHORT SHIPMENT THAN MENTIONED IN THE INVOICE BY SHIPPER. </li></ul>
  7. 7. DIFFERENT TYPES OF FRAUDS COMMITTED BY VARIOUS PARTIES.
  8. 8. CARRIER VS SHIPPER <ul><li>ISSUING FAKE B/L AND DISPOSING OF GOODS ON THE WAY. </li></ul><ul><li>CHANGE IN OWNERSHIP OF SHIP BY SELLING THE SAME ON HIGH SEAS AND THUS DEPRIVING THE CONSIGNEE FROM DELIVERY OF GOODS. </li></ul>
  9. 9. <ul><li>CARRIER VS INSURANCE CO. </li></ul><ul><li>GETTING OLD VESSELS INSURED FOR A HIGHER VALUE AND GET THE SAME SUNK FOR CLAIM. </li></ul><ul><li>SHIPOWNDER VS SHIP AGENT </li></ul><ul><li>ISSUING FAKE B/L BY S AGENT </li></ul><ul><li>PRECAUTIONS ADVISED </li></ul><ul><li>SHIPPING CO OR SHIPOWNER </li></ul><ul><li>DEAL ONLY WITH REPUTED SHIP AGENTS AND FREIGHT BROKERS. </li></ul>
  10. 10. <ul><li>ACCEPT CARGO AFTER ASCERTAINING ITS NATURE. </li></ul><ul><li>PRECAUTION AGAINST BANNED CARGO, e.g. GOLD, CURRENCY NOTES AND ANTIQUES. </li></ul><ul><li>B/L MUST REPRESENT MATE’S RECEIPT. </li></ul>
  11. 11. <ul><li>CHECK THE RELIABILITY OF CHARTERER </li></ul><ul><li>CAPTAIN OF SHIP TO ENSURE THAT THE B/L IS ISSUED FOR CARGO ACTUALLY ON BOARD </li></ul>
  12. 12. <ul><li>EXPORTERS VS IMPORTER/ CARRIER/FF/INS CO. </li></ul><ul><li>DEAL WITH REPUTED SHIPPING CO OR A CONFERENCE SHIP. </li></ul><ul><li>KEEP TRACK OF THE SHIP MOVEMENT. </li></ul><ul><li>SCRUTINIZE THE L/C AND ENSURE AUTHENTICITY OF THE SAME THROUGH SOME NATIONALISED BANK. </li></ul>
  13. 13. <ul><li>INSIST ON A FORMAL SALES CONTRACT N IRRIVOCABLE L/C FROM BUYER </li></ul><ul><li>FIND OUT CREDENTIALS OF BUYER </li></ul><ul><li>OBTAIN INSURANCE OF CARGO N ALSO ECGC COVER </li></ul><ul><li>DEAL WITH F.F. OF STANDING </li></ul>
  14. 14. <ul><li>THANKS </li></ul>

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