On 1 July 2025, we received a financing request for a metals repo transaction. The applicant claimed ownership of 500 kilograms of “ultrafine copper powder” with 99.99999% purity, allegedly stored in the Embrach Free-Zone and valued at €1.15 billion—equivalent to over USD 2,300 per gram. At the time, LME cash copper was priced at approximately USD 9,000 per metric tonne, meaning the valuation was inflated by over 250,000%.
Despite requesting $450 million in non-recourse financing, the applicant failed to provide any documentation to support the collateral: no SKR, no inspection certificate, no insurance slip, no warehouse receipt. When questioned, the explanation was:
“It is stored in Embrach Free-Zone. The SKR has been issued by ISE in Lucerne (Institute of Rare Earth & Metals). The analysis was done less than 6 months ago by the ISE. I have personally seen all the key documents in original.”
This raised immediate red flags. “ISE” is not a recognised third-party verifier in metals repo finance. Firms with accepted credibility include SGS, Intertek, Cotecna, and Bureau Veritas. “ISE” is not listed in any legitimate registry and holds zero recognition in international trade finance. The refusal to upload the “original documents” only heightened suspicion.
In accordance with Financely’s protocol for high-value ABL deals, we issued:
This is standard for all repo submissions involving opaque or unverifiable collateral. The ADD letter was explicit: independently confirm the asset, title, and warehousing arrangements under a GMRA framework. The applicant could either appoint counsel or allow us to do so.
Less than 45 minutes after receiving the ADD requirement, we received the following reply:
“Demands a substantial non-refundable fee of USD 189,250 upfront without any binding obligation… governed by the laws of England and Wales… provides no lender transparency, no performance benchmarks, and no enforceable commitments… hosts deal documents on Fiverr Workspace, which is highly unorthodox...”
The applicant then demanded a refund and threatened to escalate the matter. The tone shifted from cooperative to accusatory as soon as legal scrutiny was introduced. Importantly, the key issue—lack of any verifiable documentation—was never addressed.
This followed the well-known pattern for SKR-based commodity fraud:
Publicly available information suggests the party may also be involved in launching a gold-backed token. If physical copper claims can't pass standard verification, any digital asset backed by vaulted metals should be met with extreme skepticism.
This was never a real deal. It was an attempt to extract institutional data under false pretenses using fictitious collateral.
Submit a Verified DealThis content is based on verified communications with the submitting party between 30 June and 4 July 2025. Published in accordance with our AML/CTF obligations and commitment to market transparency. All correspondence is archived and may be shared with relevant authorities upon request.
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