Finance

The Unravelling Of A $500 Million Fraud: The Trafigura Scandal

Published

3 years ago

February 27, 2023

Harry Williams

The Unravelling Of A $500 Million Fraud: The Trafigura Scandal

It’s one of the biggest scams in history—a $500 million fraud that led to a decade-long international investigation. The Trafigura scandal was a complicated web of deceit, and its unraveling has been an incredible story to watch. At the center of it all is Trafigura Ltd, a multi-billion dollar commodities trader based in Switzerland. This scandal involved the fraudulent purchase of oil derivatives and other resources, as well as money laundering and bribery. In this blog post, we’ll take a look at the details behind this massive fraud and how it was eventually unraveled.

Who is Trafigura?

Trafigura is a multinational commodity trading company founded in 1993 by several senior executives of Ira Sohn Investment Research, including Claude Dauphin and Eric de Turkheim. The company is headquartered in London and has offices in 36 countries. Trafigura is the world’s third-largest private oil and metals trader, after Vitol and Glencore, with an annual turnover of $140 billion in 2017.

The company has been involved in several controversies, including the 2006 Côte d’Ivoire toxic waste dump scandal, which led to the death of 17 people and the hospitalization of over 30,000 others. In 2009, Trafigura agreed to pay $12 million to settle a class action lawsuit brought by residents of Abidjan, Ivory Coast who alleged that they had been harmed by exposure to the company’s toxic waste.

What is the Trafigura Scandal?

In September 2009, British newspaper The Guardian published allegations made by Trafigura, a commodities trading company, that it had been the victim of fraud. The paper claimed that Trafigura had been defrauded of $ million by employees of its Singapore-based subsidiary, who had created fictitious contracts and then used them to claim commission payments.

The story caused a sensation, with Trafigura suing The Guardian for libel. However, the case was later dropped after the paper agreed to print a retraction and an apology.

Now, almost 10 years later, it has emerged that the allegations were true and that the fraud was even bigger than originally thought. According to documents seen by Reuters, Trafigura was defrauded of at least $ million by its employees in Singapore.

The scandal came to light after one of the employees involved, Kojo Annan (son of former UN Secretary General Kofi Annan), pleaded guilty to charges of wire fraud and money laundering in a US court last month. Annan admitted that he and his co-conspirators had created false invoices and other documents in order to receive commission payments from Trafigura.

The scale of the fraud is staggering, but what makes it even more incredible is that it went undetected for so long. It just goes to show how easy it is for companies to be fleeced by their own employees if they’re not careful.

How did the Scandal Unravel?

It all started with a simple phone call. In September 2005, an anonymous source contacted BBC Newsnight reporter Greg Palast and told him about a secret document. This document, known as the Minton Report, detailed how the commodity trading company Trafigura had illegally dumped toxic waste in the Ivory Coast.

When Palast investigated the story, he found that Trafigura had indeed been involved in dumping the waste, which had caused severe health problems for nearby residents. He also uncovered evidence that the company had tried to cover up the incident by bribing Ivorian officials.

The scandal quickly unfolded from there. The BBC aired a report on the story, which led to a criminal investigation in both Britain and the Ivory Coast. In 2007, Trafigura agreed to pay $198 million to settle the case in Britain; however, they denied any wrongdoing.

Meanwhile, in the Ivory Coast, prosecutors charged 27 Trafigura employees with crimes related to the waste dump. The trial began in 2009 but was ultimately postponed indefinitely due to lack of evidence.

Although it has been more than 10 years since the scandal first came to light, many questions still remain unanswered. What exactly happened? Who was responsible? And will anyone ever be held accountable?

Who is to Blame for the Scandal?

In September 2005, a cargo ship chartered by the commodities trading company Trafigura arrived in the port of Amsterdam. On board was a shipment of waste from the company’s refinery in Liberia. The waste was supposed to be disposed of safely, but instead it was dumped in the open air in several locations around the city.

The scandal came to light when residents near one of the dump sites became ill and complained to the authorities. An investigation revealed that the waste contained toxic chemicals, and that Trafigura had knowingly convicted local regulations in order to save money on disposal costs.

The company eventually paid out over $200 million in compensation to those who had been affected by the scandal, but denied any wrongdoing. The true extent of the damage caused by the dumping is still not known, and it is possible that there are long-term health effects for those who were exposed to the toxins.

Who is to blame for this scandal? Trafigura claimed that they were not responsible for what happened after their ship left Liberia, and that it was up to the Dutch authorities to dispose of the waste properly. However, it is clear that they knew that they were breaking environmental regulations and endangering people’s lives in order to save money. The true cost of their actions has still not been calculated, but it is clear that they are responsible for one of the worst environmental disasters in recent history.

What are the Aftermath of the Scandal?

It’s been a little over a year since the explosive Trafigura scandal first broke. For those who need a refresher, here’s a quick recap: In September 2009,Trafigura, one of the world’s largest commodities trading firms, was accused of illegally dumping toxic waste in the Ivory Coast. The waste, which contained highly corrosive chemicals, caused widespread illness and even death in the surrounding communities.

In the wake of the scandal, Trafigura paid $30 million to settle a class action lawsuit brought by Ivorian villagers. The company also paid $2 million to a charity in the Ivory Coast for medical treatment and environmental cleanup.

Despite these settlement payments, the scandal continues to haunt Trafigura. Last month, a Dutch court found four Trafigura employees guilty of illegally exporting hazardous waste. The employees were each sentenced to community service and ordered to pay fines ranging from $11,000 to $22,000.

This is just the latest development in what has become an ongoing legal saga for Trafigura. In addition to the criminal charges brought against its employees in Holland, the company is also facing lawsuits in France and England related to the dumping incident. And earlier this year, Amnesty International released a report accusing Trafigura of trying to cover up its involvement in the scandal.

The fallout from the scandal has been costly for Trafigura both financially and reputationally. But as the latest court ruling

Conclusion

As the Trafigura scandal shows, it is essential that companies and governments alike are vigilant in monitoring potentially fraudulent activities. There need to be tighter regulations in place to prevent such financial crimes from occurring. Companies should take a proactive approach to preventing fraud, by conducting internal investigations when necessary and taking appropriate steps if any suspicious activity is discovered. It is equally important for governments to continue working with law enforcement agencies to investigate complex cases like this one and hold those responsible accountable for their actions.

Author

Harry Williams

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Finance

Mutual Fund Software for Tracking Loans in India

Published

2 weeks ago

December 3, 2025

redvisiontechnologies

Reviewed
By Olivia Frances

Mutual Fund Software for Tracking Loans in India

Introduction

When investors need quick liquidity, they don’t always want to redeem their mutual fund units. Many prefer a smarter option Loan Against Mutual Funds (LAMF). It’s faster, cheaper than personal loans, and allows them to stay invested while accessing funds.

But for MFDs, the real challenge was always this: “How do I track my client’s LAMF transactions easily?”

Until recently, this meant switching platforms, manually checking updates, coordinating with lenders, or asking clients to forward emails or screenshots. It slowed down your advisory process, created gaps in communication, and made portfolio analysis incomplete.

That’s exactly where modern mutual fund software in India has changed the game. Today, MFDs can view and track all Loan Against Mutual Fund (LAMF) transactions directly inside the same software where they already manage mutual fund portfolios making your workflow smoother, faster, and significantly more organised.

Let’s break down why this matters and how it helps you deliver better service.

Why Tracking LAMF Transactions Matters for MFDs

LAMF is becoming increasingly popular among investors because:
It gives funds instantly without affecting long-term wealth creation
It avoids capital gain taxes since no redemption happens
It offers lower interest rates compared to personal loans
It keeps the investor’s financial plan intact

But the moment a loan is availed, it becomes part of the investor’s financial picture. And if you can’t view it, you’re always advising with missing information.

When you track LAMF activity inside the top mutual fund software in India, you instantly know:

How much loan the investor has taken
Which scheme is pledged
When the loan was created
Any top-ups or closures
Outstanding balance
Units pledged vs free units

This helps you:

Give better advice
Prevent unnecessary redemptions
Manage risk exposure
Maintain a clear understanding of the investor’s liquidity

A complete portfolio view = better planning and smarter conversations.

How Back Office Software Makes LAMF Tracking Seamless

1. See All LAMF Transactions in One Place

Instead of going through lenders or external portals, you get a single consolidated view of all LAMF transactions directly inside your software with REDVision Technologies.

You can quickly see:

Loan creation date
Loan amount
Pledged schemes
Top-ups
Closures
Status updates

This saves time and reduces the dependency on clients for updates.

2. No Manual Follow-ups Needed

Earlier, you relied on investors forwarding loan-related emails, updates, or repayment confirmations. Now, the software captures all the data in real time no missed updates, no confusion, no delays. This keeps both you and your investor stress-free.

3. Better Portfolio Planning & Risk Management

Having visibility of pledged units helps you understand:

How much of the portfolio is locked
Whether a redemption may trigger a margin call
If excessive leverage is being taken
Whether it’s safer to move money, switch funds, or rebalance

This allows you to guide investors responsibly especially during volatile market phases.

4. Helps Prevent Accidental Missteps

When you clearly see which schemes are pledged, you avoid suggesting actions that could jeopardize their loan status.

Example: Suggesting a switch or redemption from a pledged scheme without checking LAMF status could cause a margin call or auto-repayment. Software visibility prevents these mistakes and protects investors.

5. Offers a Clear History for Reviews

During portfolio reviews, you can show:

Past loans
Current outstanding
Changes in pledged units
How the loan impacted total portfolio value

This level of transparency helps investors understand their decisions better and trust your guidance even more.

Why This Matters for MFDs Today?

LAMF adoption is rising every year investors are using it for:

Business cash flow
Short-term emergencies
Home down payments
Education fees
Medical needs

As more investors choose LAMF over traditional loans, MFDs must be able to track it seamlessly and accurately. A wealth management software that shows LAMF transactions:

Saves time
Reduces operational pressure
Helps you deliver informed advice
Improves investor confidence
Gives you a complete financial picture

And most importantly, it strengthens your role beyond mutual fund distributors to full financial partners.

Conclusion

Loan Against Mutual Funds is becoming a mainstream option and MFDs who track it efficiently can guide investors much better. Software now makes this effortless by offering a clear, consolidated view of all LAMF transactions in one place.

You no longer depend on external platforms or manual updates. You get complete visibility, smarter planning, and a stronger advisory relationship.

When investors trust you with their liquidity decisions, you become a long-term part of their financial journey and tracking LAMF transactions easily is a big step in that direction.

FAQs

Q1. What is Loan Against Mutual Funds (LAMF)?

It is a loan taken by pledging mutual fund units as collateral. Investors get funds without redeeming their units.

Q2. Why should MFDs track LAMF transactions?

LAMF affects the investor’s portfolio structure, liquidity, and risk. Tracking helps you give accurate and responsible advice.

Q3. How does back office software help with LAMF tracking?

It shows all LAMF transactions loan amount, pledged schemes, top-ups, closures in one place, eliminating manual follow-ups.

Q4. Does tracking LAMF improve portfolio planning?

Yes. It helps you avoid incorrect redemption/switch suggestions, manage risk better, and ensure the investor’s loan and portfolio stay aligned.

Author

redvisiontechnologies

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Business

QuickBooks Error 1712: Quick Troubleshooting Tips Full 2026 Guide

Published

2 weeks ago

December 2, 2025

quickbooksupportnet

Reviewed
By Avery Green

Introduction

When installing or updating QuickBooks Desktop, many users suddenly face QuickBooks Error 1712, which usually appears with a message saying: “Error 1712: One or more of the files required to restore your computer may be damaged.”

This error often frustrates users because it prevents installation and stops QuickBooks from running smoothly. In this guide, we break down Error 1712 QuickBooks, what causes it, and how to fix it quickly with simple, actionable steps. You’ll also see where QuickBooks Install Error 1712 and QuickBooks Update Error 1712 occur in real scenarios.

What is QuickBooks Error 1712?

QuickBooks Error Code 1712 is an installation-related error that appears when the operating system, registry files, or QuickBooks installation directories get damaged or corrupted.
It mostly happens when:

You install QuickBooks in a damaged folder.
You uninstall or reinstall QuickBooks incorrectly.
You recently installed new software that conflicted with QuickBooks.

This is why many users encounter QuickBooks Install Error 1712 right after an update or clean installation.

Main Causes of QuickBooks Error 1712

Below are the most common reasons behind the issue:

1. Corrupted Windows Registry Files

Windows registry corruption can break installation paths, triggering QuickBooks Error Code 1712.

2. Previous QuickBooks Installation Not Removed Properly

Leftover files block the new installation and cause QuickBooks Install Error 1712.

3. Broken System Components

Damaged system components or unstable OS files often lead to installation failures.

4. Malware or Virus Interference

Malicious programs can damage application folders and create conflicts.

5. Installing QuickBooks on a Corrupted Folder or Drive

Damaged sectors or incomplete installations are the #1 reason for QuickBooks Update Error 1712.

How to Fix QuickBooks Error 1712: Quick Troubleshooting Tips

Below are the most effective, tried-and-tested methods to resolve QuickBooks Error 1712 quickly.

1. Restart Your Computer (Simple but Effective)

A fresh system reboot clears temporary installation files and removes system conflicts.
Try installing QuickBooks again after restarting.

2. Use QuickBooks Tool Hub (Best Method for Error 1712)

QuickBooks Tool Hub automatically fixes damaged installation files.

Steps:

Download the QuickBooks Tool Hub (latest 2026 version) from Intuit’s official site.
Open the Tool Hub and select Installation Issues.
Click QuickBooks Install Diagnostic Tool.
Let it scan and repair the components.
Restart your computer after the repair.

This method resolves QuickBooks Install Error 1712 in most cases.

3. End Background Processes Interfering with QuickBooks

Sometimes background processes block installations.

To fix:

Press Ctrl + Shift + Esc.
In Task Manager, stop processes related to QuickBooks or Microsoft Installer.
Try installing QuickBooks again.

If another app is locking system files, this will prevent Error 1712 QuickBooks from appearing.

4. Repair Windows Registry Files

Damaged registry files can directly cause QuickBooks Error Code 1712.

Steps:

Press Windows + R → type regedit → press Enter.
Export your Registry files for backup.
Run a registry cleaner (use Microsoft-recommended tools only).

Be careful while editing Registry files.

5. Reinstall QuickBooks in Selective Startup Mode

Selective startup ensures no background apps interfere.

Steps:

Press Windows + R → type msconfig.
Go to Selective Startup and uncheck Load Startup Items.
Restart your PC.
Install QuickBooks again.
Switch back to Normal Startup mode later.

This fixes deeper installation-level conflicts, especially related to QuickBooks Update Error 1712.

6. Manually Remove QuickBooks Leftover Files

If old installation folders are still present, Error 1712 continues.

To clean leftover folders:

Delete QuickBooks folders from

*C:\Program Files\Intuit*
*C:\Program Files (x86)\Intuit*

Clear temporary files using:

Press Windows + R → type %temp%

Then attempt installation again.

7. Create a New Windows User Profile

If your user profile is corrupt, QuickBooks won’t install.

Fix:

Go to Settings → Accounts.
Create a new Admin account.
Log in using the new profile.
Install QuickBooks again.

This is highly effective when you repeatedly encounter QuickBooks Install Error 1712.

How to Prevent QuickBooks Error 1712 in the Future

Keep Windows updated
Avoid forced shutdowns
Install QuickBooks in a clean folder
Remove old QuickBooks versions properly
Use antivirus protection
Run regular disk cleanup

By maintaining your system, you reduce the chances of encountering errors like QuickBooks Error Code 1712 or other installation errors.

Conclusion

Dealing with QuickBooks Error 1712 can be annoying, especially when you’re installing or updating the software. But with the troubleshooting steps above using QuickBooks Tool Hub, repairing system files, clearing background processes, or reinstalling QuickBooks most users can fix the issue quickly.

If your system continues to show errors such as 6000 Error QuickBooks or multiple installation-related warnings, it’s recommended to get expert help immediately. For fast technical assistance, you can contact QuickBooks Support at +1(866)500-0076.

FAQs

Q1. What triggers QuickBooks Error 1712?

This error occurs due to damaged registry files, leftover installation folders, system conflicts, or corrupt installation directories.

Q2. Is QuickBooks Tool Hub effective for Error 1712?

Yes. The Install Diagnostic Tool inside Tool Hub resolves 70–80% installation-related errors.

Q3. Can malware cause QuickBooks Install Error 1712?

Yes, malware or viruses can corrupt OS files and block software installation.

Q4. How do I fix QuickBooks Error Code 1712 quickly?

Restart your system, run QuickBooks Tool Hub, stop background tasks, and reinstall QuickBooks in Selective Startup mode.

Q5. What if Error 1712 keeps returning?

It means your Windows installation or user profile is corrupted. Create a new user profile or contact support for deeper repair.

Author

quickbooksupportnet

View all posts

Finance

Coinbase Customer Service USA Contact Support Numbers

Published

2 weeks ago

December 2, 2025

finttraken

Reviewed
By Lainey Scarlett

Introduction

As of now, Coinbase’s customer service +1-(917) 672-18O3 is primarily email and help-center based. However, the company has recently introduced limited phone support for certain types of inquiries, such as account recovery or fraud cases.

In today’s fast-growing cryptocurrency market, Coinbase has become one of the most popular platforms for buying, selling, and managing digital currencies. With millions of users across the USA, access to efficient customer service is essential.

Whether you need help with account access, transaction issues, security concerns, or understanding platform features, knowing how to contact Coinbase customer service is critical. This article provides a detailed guide on Coinbase USA contact support numbers, tips for resolving common problems, and ways to get timely assistance for a smooth crypto experience.

Rise of Coinbase Customer Service USA Contact Support Numbers

Coinbase has grown quickly to become one of the most popular platforms for cryptocurrency in the USA. As more people started buying, selling, and storing digital currencies, the need for strong customer support increased. To meet this demand, Coinbase introduced dedicated customer service numbers across the country. These numbers allow users to get help directly, rather than only using emails or online forms. The rise of these support numbers shows how Coinbase is focusing on keeping users happy and solving their problems efficiently. It also reflects the growing importance of good customer service in the fast-moving world of cryptocurrency.

Why Contact Coinbase Customer Service?

There are several reasons users may need to contact Coinbase support in the USA:

Account Access Issues: Forgotten passwords, locked accounts, or verification problems often require direct support from Coinbase’s customer service.
Transaction Problems: Failed or delayed transactions, incorrect deposits, or issues with transferring funds to bank accounts are common reasons to reach out.
Security Concerns: If you notice unusual account activity or suspect a security breach, immediate support is essential to protect your funds.
General Platform Assistance: Users may need help navigating Coinbase features, understanding fees, or using new tools for trading and investing.

Coinbase Customer Service USA Contact Support Numbers

1. Coinbase Support Phone Number +1-(917) 672-18O3 (U.S. Based)

Coinbase Customer Support (U.S.):+1 (917) 672-18O3
Available: Monday to Friday
Hours: 9:00 AM – 6:00 PM EST
Type of Support: Primarily for account recovery, fraud issues, and urgent security-related matters.

This is Coinbase’s main support line for U.S. customers. While they do not yet offer general phone support for all inquiries, users experiencing account access problems or security concerns can call this number.

2. Coinbase Automated Phone Line

Coinbase Automated Info Line:+1 (917) 672-18O3

This line provides recorded information on common issues and directs users to the right support channels. Though you can’t speak to a live agent through this number, it’s useful for getting fast answers to frequently asked questions.

Why You Might Need to Contact Coinbase

There are many reasons someone might need to get in touch with Coinbase’s support team +1-(917) 672-18O3. Here are some common situations:

Trouble logging into your account
Issues with two-factor authentication (2FA)
Questions about deposits or withdrawals
Problems with verifying your identity
Concerns about suspicious account activity
Need help navigating the mobile app or web platform
Seeking information about fees, trading, or limits
Requesting updates on pending transactions

Reaching the right department quickly ensures your problem is handled fast and efficiently. That’s why having the correct contact information matters.

Other Ways to Contact Coinbase Customer Support

Phone support +1-(917) 672-18O3 is only one part of Coinbase’s customer service system. Here are other ways to get help:

1. Help Center (Recommended)

Visit Coinbase’s official Help Center to find articles, FAQs, and step-by-step guides on everything from setting up an account to troubleshooting login problems.
The Help Center is available 24/7 and is the best place to find quick solutions.

2. Email Support

Support Email: support@Coinbase.com
Best for: Account questions, verification issues, transaction delays, and other non-emergency topics.
Response Time: Usually within 24-48 hours.

Always include your registered email and a clear description of the issue when sending an email. This helps the support team respond more efficiently.

3. In-App Support

Coinbase offers in-app chat support through its mobile app and website.
Available during business hours and helpful for real-time conversations about common issues.

4. Social Media Support (Limited)

While not an official customer support channel, Coinbase is active on platforms like Twitter and Facebook. These platforms may help with announcements or general updates but should not be used to share personal account information.

Tips for Contacting Coinbase Support +1-(917) 672-18O3

Before reaching out, consider these helpful tips:

Be Clear and Concise: Clearly explain the issue, include important details, and avoid vague messages.
Use the Right Channel: For urgent security matters, call the support line. For general help, use the Help Center or email.
Check the Help Center First: Many issues can be resolved without needing to contact support.
Avoid Sharing Sensitive Info Publicly: Never post your personal details, passwords, or wallet info on forums or social media.
Be Patient: Response times can vary, especially during high-traffic periods like market spikes or technical outages.

Coinbase’s Focus on Security and Support

One reason Coinbase stands out in the crypto space is its focus on safety. They’ve built a platform with strong security features, like:

Two-factor authentication
Device management
Encryption and cold storage
Real-time alerts on account activity

Having a support system that reflects these safety values is key. While Coinbase is still expanding its phone support, the company continues to invest in customer service tools that help users stay safe and confident.

Common Issues Resolved by Coinbase Support

Login and Verification Problems: Users often face problems with password resets or identity verification. Coinbase support guides users through secure recovery processes.
Payment and Withdrawal Issues: Delayed deposits or problems withdrawing funds can be addressed quickly by speaking with a support representative.
Security Alerts: In case of suspicious activity, Coinbase can freeze accounts temporarily, guide you through verification, and secure your funds.
Trading and Account Questions: Support can clarify fee structures, explain trading limits, or assist with using advanced features like staking and portfolio management.

Tips for Preventing Issues in the Future

Enable Two-Factor Authentication: This adds an extra layer of security to your account and reduces the risk of unauthorized access.
Keep Contact Information Updated: Ensure your email and phone number are current so Coinbase can reach you if needed.
Stay Informed About Fees and Policies: Understanding Coinbase’s transaction fees and account policies helps prevent surprises or misunderstandings.
Regularly Monitor Transactions: Check your account activity frequently to identify any issues early and contact support promptly if needed.

Benefits of Contacting Official Coinbase Support

Fast and Accurate Assistance: Official support provides reliable solutions without risking account security.
Resolution of Complex Issues: Some issues, like disputed transactions or account freezes, cannot be solved through FAQs and require trained representatives.
Peace of Mind: Knowing there is a trusted support system ensures users feel secure when managing their cryptocurrency investments.
Guidance on Best Practices: Support teams can provide tips on security, trading, and account management to optimize user experience.

Conclusion

Whether you’re a new crypto user or an experienced trader, knowing how to reach Coinbase support +1-(917) 672-18O3 is important. While the company doesn’t yet offer full phone service for every issue, they do provide a U.S.-based customer support line for specific problems like account recovery and fraud.

For general questions, the Help Center and email support remain the best ways to get assistance. Always make sure you’re using the official channels and never give out personal details on unofficial sites or forums.

In short, if you ever run into a problem on Coinbase, help is just a call or message away. Keeping this guide handy ensures you’re always prepared to get the support you need quickly and safely.