At Wealth Recovery Solicitors we witness firsthand the alarming rise in sophisticated scams targeting unsuspecting investors. One particularly troubling cases we’ve encountered is TransEco Minerals & Mining Ltd.
Who are TransEco Minerals & Mining Ltd?
TransEco Minerals & Mining Ltd, was a registered company that were operating what appeared to be a legitimate gold trading business. The majority of investors were introduced to TransEco through brokers from Gold Safe, who promoted forward purchase contract for the gold mined Ghana. The contracts promised that the investors would be provided with either an opportunity to resell their gold for profit upon maturity, or the physical delivery of the gold.
How the scam works?
The company presented itself as a legitimate registered company, supported by its positive reviews online which reinforced investors belief in its legitimacy and credibility. Investors also received gold purchase certificates and contracts, that further supported their belief in the company’s legitimacy. Throughout their contract term, investors would receive regular contact from the agents at TransEco, who reassured them and provided positive feedback on their contract.
However, as contracts matured, investors were informed that COVID-19 disruptions in Ghana had delayed trading and delivery. Despite months of waiting for positive updates, investors were informed that TransEco had entered into a Company Voluntary Arrangement and that they could not expect to receive their profits.
Red Flags to watch out for
If you think you’ve fallen victim to a fraudulent company such as TransEco, take immediate action:
- Be wary of any recovery scams: Individuals that have fallen victim to a scam often receive unsolicited call or email from agents claiming to be from a recovery agency or law firm, that promise to recover the funds lost to the scam.
- Keep all evidence: Keep records of all communication, formal contracts, purchase certificates, and any other supporting documents that may help in an investigation.
- Seek professional help: Recovering funds from fraudulent schemes can be difficult without expert legal assistance. Contact a regulated law firm that specialises in fraud recovery can significantly increase your chances of retrieving lost funds.
If you’ve been impacted by this scam, get in touch with us for a free consultation. Our experienced legal professionals will assess your case and guide you through the recovery process, helping you take the first step towards reclaiming what is yours.