TONY HETHERINGTON: Am I being targeted by a rare metals scam within a scam?

Tony Hetherington is Monetary Mail on Sunday’s ace investigator, combating readers corners, revealing the reality that lies behind closed doorways and profitable victories for many who have been left out-of-pocket. Learn the way to contact him beneath. 

J.M. writes: Some years in the past, I used to be scammed by an organization referred to as Uncommon Earth Metallic Trade Ltd, which bought me metals that turned out to not exist. Now I’ve acquired a letter from the Chartered Buying and selling Requirements Institute in London, claiming to be dealing with a reimbursement scheme. They’re asking for a price of £25. Am I being scammed once more? 

Tony Hetherington replies: The demand for £25 is nearly actually only a foot within the door. Switch your fee to their checking account and you’ll then be requested for ever growing quantities to cowl authorized charges, taxes, and the rest the scammers can dream as much as squeeze an increasing number of cash out of you.

So sure, it’s a rip-off. The Chartered Buying and selling Requirements Institute (CTSI) is a real skilled organisation for individuals who work in Buying and selling Requirements. However the letter you acquired is a pretend, regardless of utilizing the true letterhead and handle. The giveaway is that the letter makes use of the CTSI’s handle in central London, however a cellphone quantity – 020 8123 8264 – which suggests outer London.

That stated, somebody has gone to fairly a little bit of hassle. They know you misplaced £10,000 within the uncommon earth metals swindle, and so they have your contact particulars. They advise: ‘You probably have not but returned your Proof of Collectors Debt Type, we urge you to behave promptly to allow us to submit your monetary declare so as so that you can obtain your capital reimbursement settlement.’

Helpfully, the crooks have despatched you what appears like an official kind, exhibiting that the CTSI is supposedly holding £9,234,929 which it has seized within the wake of a Excessive Court docket motion following the closure of Uncommon Earth Metallic Trade Ltd.

However once more, there’s a giveaway purple flag that warns it’s a fraud. The crooks reassure you that the cash is secure, as a result of it’s held – all £9 million of it – in a NatWest Isa! Isas holding £1 million are uncommon – rarer than uncommon earth metals actually. However discovering an Isa value £9 million can be like discovering a unicorn with Elvis Presley on its again.

Not solely that, however Uncommon Earth Metallic Trade Ltd by no means held £9 million in all of its very quick life. It cheated buyers by promoting metals similar to dysprosium and neodymium, that are utilized in trade, for a lot of instances their actual value, whereas claiming they might rocket in worth. Uncommon earth metals usually are not actually uncommon. The title simply implies that they’re scattered, relatively than being present in bulk in a single place.

The rip-off funding firm closed down in 2012. At first, liquidators had been barely optimistic. It seemed as if there actually was a stockpile of uncommon earth metals held in a safe retailer. However once they introduced in specialists to hold out assessments, they discovered that a few of the safe inventory was truly counterfeit.

The value was a rip-off, and so was the product. The eventual end result was that property owned by Uncommon Earth Metallic Trade Ltd had been value simply over £100,000, whereas claims from collectors amounted to £3.6 million. So, no £9 million in a NatWest Isa or anyplace else.

I requested officers on the CTSI what they considered this. Disappointingly, they instructed me that this rip-off utilizing their identify has been happening for about two years.

Much more disappointingly, once I requested how many individuals to date had been arrested and prosecuted for posing as Buying and selling Requirements workers, they instructed me: ‘CTSI is just not conscious that anybody has been charged or prosecuted for this.’ They added: ‘We’re very annoyed that scammers are persevering with to make use of the organisation’s identify for nefarious functions.’

Personally, I discover it much more irritating that after two years, no person has been nicked.

The top of this story is that you’ve got now had a remaining name from the crooks, asking why you had not replied to their letter.

If you instructed them you had contacted me and The Mail on Sunday, the cellphone went useless. If solely all scams may very well be stopped that simply.

Scottish Widows will not say why my direct debits are going unpaid

J.B writes: I requested Scottish Widows how I might make common contributions in the direction of my daughter’s pension coverage. 

Following their pointers, I arrange month-to-month direct debits, however then acquired notifications that funds had not been profitable. 

I referred to as Scottish Widows after every notification however was unsuccessful as I used to be met with privateness legal guidelines.

Tony Hetherington replies: In all, you had been instructed 4 instances by Scottish Widows that makes an attempt to gather the direct debits had failed. Nevertheless, every notification referred to your daughter’s checking account, and to not your individual from which the direct debits ought to have been collected.

Scottish Widows wouldn’t focus on this with you because the pension plan was not yours, however lastly agreed it might evaluation the state of affairs in case your daughter emailed a request. She emailed, however since then you will have heard nothing, and your daughter is afraid her financial institution could begin charging for all of the rejected direct debits.

I requested Scottish Widows to look into this, and it turned clear that it ought to have moved sooner to type issues out as quickly as you first made contact concerning the failed direct debits. A spokesman stated: ‘We’re sorry for the poor service Mr B and his daughter skilled.’

A contemporary direct debit is now in place, with the primary fee due just a few days in the past on January 1, so test your financial institution assertion to verify it went by means of and not using a hitch. Scottish Widows has additionally credited your daughter with £150 to again up its apology.

When you consider you’re the sufferer of monetary wrongdoing, write to Tony Hetherington at Monetary Mail, 9 Derry Road, London W8 5HY or electronic mail tony.hetherington@mailonsunday.co.uk. Due to the excessive quantity of enquiries, private replies can’t be given. Please ship solely copies of authentic paperwork, which we remorse can’t be returned. 

That is Cash podcast