What is Scam, Fraud and Money Laundering? Explained by Dhananjay Choudhary Koda Law Firm |
Posted: June 24, 2020 |
You often come across terms like scam, fraud and money launder but do you know the exact meaning of these terms? Dhananjay Choudhary has explained them to you, so let us have a look. What is Money Laundering? Some activities require a considerable sum of money. These activities may include terror funding, human trafficking and drug trafficking. You can’t have that amount of money so, this money is gathered and transferred over to an entity using multiple sources. The money comes from criminal activities, and hence the money is not accounted for. There are various phases of money laundering, which also includes the placement of cash. In this phase, the money is planted into the system. While planting the money, the criminal tries to get the money into the financial system. There are multiple ways to do it. For example, the person may try to deposit that money in the bank, or the person may even try to buy an asset that can be transferred easily. This part was about the placement of the funds. The second step of money laundering is layering. In this, the criminal usually make multiple transactions. This layer of transactions can make it difficult for law enforcement agencies to track the source of money. Some criminals may also use bookkeeping tricks while trying to layer the funds. The final step of the money laundering is integration. In this, the small chunks of money are integrated, and they are transferred over to the exact destination. From here onwards, the money is used for the illegal activities that it was intended for. A lot of people end up being a part of this money laundering network even without knowing it. If you find yourself stuck in such a situation, then it is best to seek legal consultation immediately. Dhananjay Choudhary can help you with the right advice to deal with any issue. What are Fraud and Scam? Fraud and scam are two very commonly used words. The meaning of fraud is to use deception techniques to make intentional gains. There are different types of frauds which include identity fraud, clean fraud and friendly fraud. In the identity fraud, someone may steal your identity. They can then obtain loans and credit card by appearing to be you. This type of fraud can cause substantial financial loss to you. In friendly fraud, the party may appear to be helping you. In the process of giving you services, the party may obtain your financial details, and it can then extract money from you. In clean fraud, technology is used extensively. An example of clean fraud is copying your card details while you are swiping it. Mr Dhananjay Choudhary can help you if you have been a victim of fraud. He takes cases for such people who are looking for legal consultation. You can also seek help from Dhananjay Choudhary if you are stuck in a legal issue. He is an expert in online frauds, scams and illegal activities so you will be in safe hands.
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