Foxes

I have been offered a ''guaranteed'' return on an investment and the company is offering a post dated cheque (pdc) as security - which i can deposit in 2 weeks time

the natural instinct in me is querying the scenario in case the cheque returns unpaid !

I have heard should a cheque bounce in the UAE you can file a complaint with the Police and the person issuing the cheque can be charged with their passport taken off them until the amount is paid ? I would have thought the Police would be pretty pissed dealing with financial issues but perhaps it is not the case over here. Anyone know for sure or had experience of this type of scenario ?

anyother pitfalls that you can think of - in relation to the pdc ?

tia foxes

IndieG

These days it isn't very easy to simply bounce a cheque and file a police case...the jail is filled with people due to dishonoured cheques and the police are simply overwhelmed.

Secondly, if the individual/company giving you a cheque has waasta, unlikely you will be able to file a criminal case (one of my previous employers, a bank, had this problem with locals in Abu Dhabi when they had to recover credit card debts)

You already know this, anyway, if the investment is sound then you don't have to rely on the "security" of a PDC. Bouncing a cheque will only get that person (most likely some poor Manager in the company) in jail, you may still not get your money back....

ArranLass

If it's a sound investment through a reputable provider they won't even think of issuing a post dated cheque. Stinks like a month old hadock mate. There are plenty of sound investments with reputable, well known institutions out there right now as the market is rock bottom and the institutions know there is going to be fast growth in about 18 months time when the recovery starts. If it sounds too good to be true, then it probably is and if they have to try to back themselves with post dated cheques then steer clear. Get yourself a reputable Independant Financial Advisor and have a good long talk before you go putting your hard earned on the line.

Prince_Charming

Sounds like a con - stay away

Madam Medusa

dodgy, dodgy, dodgy...why would you even consider it...????

MM, xx

Roadking

Trying to recoup the losses made on the laundrettes?

Foxes

thanks for the input guys - am still debating on what to do here as the returns being banded around for this project warrant serious consideration. i have been advised the deal will be secured by a private PDC from a partner in the company rather than company pdc.

'the pessimist in me is thinking if in the worst case whereby the pdc bounced and the indivudal decided to flee the country - is there any re-course back to the uk ( the individuals origin country).

Do the uk police and financial authorities recognise uae police criminal reports against an indivudal who has broken UAE law and has a criminal record in the UAE ?

shiva

i have these brilliant magic beans you can have for a great price and i'll happily back your investment with a post dated piece of paper that is absolutely worthless





seriously, walk away from this i guarentee you will lose all the money and have absolutely no recourse

Roadking

As it's now one week later, are they still offering the same return but with one week inve........

Y'know what, go for it!

Sometimes the only way to learn is to get your fingers burnt.

klaus3974

I think my Nigerian friends have a better deal for you....

spart

Yep - cant help all the people, all the time.
You have posted on here, got good advice, so go ahead and ignore it at your own peril.

A fool and his money...

ArranLass

If it's too good to be true, it is. Really it is. The reason they're telling you there are amazing returns is to appeal to your greed. How much are you throwing away on this fantastic, one time only, "guaranteed" investment?

I'm in financial sevices with a reputable firm. The biggest problem we face is building trust due to the ammount of expats who have been ripped off in the past and had no recourse as all they have is a "name" of someone who is long gone.

Go on give us the exact details? It'll give us all a laugh

Foxes

Hi there - thanks for your input - do you or your reputable firm have any experience in dealing with the below question ? I have full verfied postal address of the individual in concern for the PDC in the UK and UAE as well as full contact details including passport number etc.

"Do the uk police and financial authorities recognise uae police criminal reports against an indivudal who has broken UAE law and has a criminal record in the UAE ?"


I can see why there is considerable pessimissim on the actual deal by certain folks - i suppose it would not be british ex-pats otherwise ;-)

but I guess i am just trying to balance the risk/reward ratio - the pdc are a security aspect of a cash side of the deal - only for the UAE transactions. There are transactions to be carried out in the UK also through associates which I am in position to know of the risks involved but i do not have the same experience of dealing with pdc's in the uae. any help greatly appreciated for the subject matter for this who have experience of pdc's.
Thanks once again, Foxes.

Foxes

Hi there - thanks for the advice. you mention there is absolutely no recourse - do you have first hand experience of this or know of a case of a similar ilk ?

ArranLass

Foxes, I'm not a UAE Solicitor so I can't comment on the legality of post dated cheques in UAE but I know they are illegal in the UK. You would have to take proper legal advice in UAE and if you are planning to invest a large sum you certainly should.

I also have a frighteningly high number of clients who have been ripped off in the past and haven't been able to do a thing about it. Again I can't speak for UAE but in Bahrain the authorities are no particuarily worried about what goes on between expats.

From what little you have mentioned about this deal, it sounds very complicated with transactions both in UAE and the UK... Sounds like a trail cover but I haven't got any real information so can't help you further.

A word warning though. If this was a straight forward deal/scam and all that happens is you lose your investment, then tough but you'll get over it. However, with multiple transactions you could be compounding the risk with possible money laundering, both the UAE and UK take this very very seriously.

For the last time. If they have to offer a pdc then it's not legit. There's something very wrong. You're already i the UAE so I'm guessing you have a good job and a fairly nice life. Don't throw it all away for the promise of a fast buck. Do you really want to get involved with something shady in the UAE? Do you think waving a post dated cheque will save you from prosicution? Have you any idea what the punnishments for fraud/money laundering are in UAE? The risks couldn't be any higher. Think on.