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The black money scam, sometimes also known as the "black dollar scam" or "wash wash scam", is a scam where con artists attempt to fraudulently obtain money from a victim by convincing them that piles of banknote-sized paper are real currency that has been stained in a heist.
The victim sometimes believes they can cheat the con artists out of their money, but anyone trying this has already fallen for the essential con by believing that the money is there to steal (see also Black money scam). The classic Spanish Prisoner trick also contains an element of the romance scam (see below).
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders.
A scam, or a confidence trick, is an attempt to defraud a person or group after first gaining their trust. Confidence tricks exploit victims using a combination of the victim's credulity, naïveté, compassion, vanity, confidence, irresponsibility, and greed.
The Hawala scandal, also called the Jain Diaries case or the hawala scam, was an Indian political and financial scandal involving payments allegedly sent by politicians (black money) through four hawala brokers, namely the Jain brothers. [1] It was a US$18 million bribery scandal that implicated some of the country's leading politicians.
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The bill covers a wide range of economic offenders which include: loan defaulters, fraudsters, individuals who violate laws governing taxes, black money, Benami properties, financial sector, and corruption. On 12 March 2018, the government introduced the bill in the Lok Sabha.
Robert Allen Stanford (born March 24, 1950) is a convicted financial fraudster, former financier, and sponsor of professional sports. He was convicted of fraud in 2012, having operated an eight billion dollar Ponzi scheme, [1] [2] [3] and is now serving a 110-year federal prison sentence. [4]
Charles Ponzi, the namesake of the scheme, in 1920. A Ponzi scheme ( / ˈpɒnzi /, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1] Named after Italian businessman Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that ...
The Black Axe, a sector of the Neo Black Movement, is a confraternity in Nigeria that originated around 1977 at the University of Benin. It now operates as an international criminal organization, whose main activities include human trafficking, money laundering, and fraudulent online operations. [1] [2] Its most notable crime is the Obafemi ...