Audit Bureau Exposes Forex Scams

The Libyan Audit Bureau has said that at least eleven companies are known to have fraudulently smuggled foreign currency abroad through fake import transactions.

According to Libya Herald, the companies had opened Letters of Credit (LC) to import goods, based on the official exchange rate of $1 to 1.30 Libyan dinars, instead of the current black market rate of LD 2.50, but had shipped empty containers into Libya.

Questions are being asked about the ports, customs and inspection authorities for failing to notice that the containers were empty.

The Bureau has also prohibited 25 Libyan companies, 42 Libyan individuals, and 12 foreign companies, from transferring foreign currency, opening Letters of Credit (LCs) or being the recipients of Libyan LCs.

(Source: Libya Herald)

(Fraud image via Shutterstock)

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