NCJ Number
73579
Journal
International Criminal Police Review Issue: 338 Dated: (May 1980) Pages: 138-149
Date Published
1980
Length
10 pages
Annotation
The types of fraud dealt with by the Secretariat group of the International Criminal Police Organization (INTERPOL) are described.
Abstract
Banking frauds investigated by the group include the use of stolen personal and travellers checks, counterfeit checks, unfunded checks, and fraudulent credit instruments. Also, offenses involving stocks, bonds, other securities, and bank transfer orders have been investigated. Persons committing stocks and bonds offenses usually use genuine documents which have been stolen and are then negotiated. Other security certificate offenses have included the use of misleading advertisements for worthless stocks and the establishment of fictitious companies which offer their stocks for sale. Investigations of commercial frauds have focused on wholesale purchasing frauds, in which goods obtained on credit are sold and creditors are not reimbursed; bill-of-lading frauds, in which bills of lading are altered to misrepresent goods in transport -- the bills are then sold to third parties; prepayment or security deposit frauds, in which fictitious companies accept payment towards fictitious goods or services; the fraudulent obtaining of European Common Market subsidies for the export of goods out of the European community; and frauds involving promissory notes, warrants, and the evasion of customs duties. Tax frauds have involved false clains on the reinvestment of company reserves, on the level of overheads, and on value-added amounts. Furthermore, international tax evasion practices investigated by the group have included the use of holding companies in tax havens and of 'refuge' companies registered in countries with low taxes. Real estate frauds have also been encountered in which undesirable land is misrepresented and sold sight unseen. Other types of fraud investigated have included computer fraud, insurance frauds, and the misuse of entrusted property. Key terms are defined, and examples of fraudulent activities are provided. Nine references are included.