Tag Archives | Fraud

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 […]

Tobruk “KFC” a Fraud

Libya Herald reports that KFC is threatening to sue the owners of a fast food outlet in Tobruk which is falsely claiming to be an official franchise. A spokesman for the US-based Yum Brands, which owns the KFC brand, told the news agency: “We are shocked with the news that a KFC outlet has opened […]

Lawyer Pleads Guilty to Libyan Fraud

A US lawyer has pleaded guilty to one count of wire fraud in relation to a project in Libya. Timothy Oliver used the ruse of a land development project in Libya to embezzle $500,000 from a Mexican construction company, ARS Tectonica. Minneapolis Star Tribune reports that Oliver devised an elaborate hoax to convince the company that […]