When Scammers Demand Financing: A Case Study in Fake Copper Powder and Entitlement
How Asif Ali Tried to Pawn a €1.15 Billion Copper-Powder Fantasy—and Imploded on Contact
1 Meet the Claim
Asif Ali, writing from Kryptnex AG, Steinhausen (CH), declared he owned 500 kg of Cu 99.99999 % “ultrafine copper powder” worth €1.15 billion—roughly USD 2 300 per gram. He wanted a USD 450 million non-recourse line but refused to upload a single receipt, assay report or insurance certificate.
2 Timeline of the Fraud Attempt
| Date 2025 | Action by Ali | Financely Response |
|---|---|---|
| 30 Jun | Completes consultation booking. Insists copper powder has been “bank-checked”. No documents provided. | Consultation confirmed, portal access sent. |
| 1 Jul | Submits Metals-Backed Questionnaire—ticks every box “full ownership”, uploads nothing. | Asks for warehouse receipts, SGS/BV/Intertek inspection, storage location. |
| 3 Jul 15:00 | Replies: “Documents available after initial consultation.” | Explains ABL protocol: proof first, call later. |
| 3 Jul 17:54 | Receives engagement letter (USD 189 250 retainer; English-law GMRA; 3 % success). | — |
| 3 Jul 18:55 | Receives ADD notice: external opinion from Clifford Chance / Allen & Overy required. | — |
| 3 Jul 19:32 | Meltdown e-mail: fees called “asymmetrical”, English law “nonsense”, demands lender list and full guarantee before paying a cent. | States copper cannot trade at USD 2 300 / g; refund denied; file flagged for potential fraud escalation. |
| Post 4 Jul | Complete radio silence—no documents, no payment, no call. | Case closed, audit trail preserved for regulators. |
3 Standard Repo/ABL Steps He Refused
- Upload warehouse receipt + assay. He delivered zero.
- Pass KYC/AML. He dodged.
- Fund origination milestone. He balked at USD 89 250.
- Commission external legal opinion (ADD). Instant outrage.
- Operate under English-law GMRA. Called it “unorthodox”. Every serious repo lender uses it.
4 Why This Matters
The playbook is classic SKR—fraud: quote an eye-watering valuation, flaunt “full documentation”, refuse to share evidence, then demand lender identities and hard commitments before paying origination fees. The goal? Harvest contacts, shop the fantasy around, maybe extract partial advances from less-secure counterparties.
What blew it up was our insistence on the boring stuff—inspection, chain of title, retainer, legal opinion. The moment real costs appeared, Ali vanished. That is how you separate genuine owners from noise.
Got real LME-grade stock, inspected and insured? Financely will structure a repo and wire cash in weeks. Bring ghost powder and billion-euro fantasies, and you’ll exit the same way Asif Ali did—empty-handed.
Submit a Verified DealFinancely Group cooperates fully with AML/CTF authorities. Fraudulent submissions—especially SKR or counterfeit commodity schemes—are preserved and may be reported without notice.
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