INTEL
Status: blockedCLUSTERNovorossiysk-Turkish-Med Dark Fleet Cluster added — confirmedStatus: blockedCLUSTERPinnacle Petrol LLC added — likelyStatus: blockedCLUSTERAdeel Mehmood added — likelyStatus: blockedCLUSTERSimar Chahal added — confirmedStatus: blockedCLUSTERSSW Kafcima added — likelyStatus: pendingCORPUS431 entities · 64 countries
← Scam playbook

Scam playbook

Is the LOI / ICPO / DLC MT700 procedure a scam?

A scripted multi-step 'procedure' (LOI, then ICPO with banking coordinates, then a DLC/SBLC MT700) that broker chains present as the standard way to buy physical product. Real majors and refiners do not transact this way.

How it works

  • 1.A 'mandate' or 'facilitator' insists you issue an ICPO (Irrevocable Corporate Purchase Order) with your full banking details before any verification.
  • 2.The 'seller' demands you open a non-operative DLC or MT700 first, then promises a 2% performance bond — which never materialises.
  • 3.Each step front-loads YOUR commitment and disclosure while the counterparty reveals nothing verifiable.

Red flags

  • A rigid 'procedure' document presented as industry-standard.
  • Pressure to disclose banking coordinates or issue instruments before a verified seller identity.
  • Refiner/major names attached with no corporate email, registration, or named officer.
  • Terms like 'Hub Number', 'ASWP', 'TTO', 'Virgin D2' used as credibility signals.

What the real version looks like

Real physical deals start with a verified counterparty, a named officer at a corporate domain, allocation proof, and an SPA negotiated by counsel — not a one-size 'procedure' demanding instruments up front.

This page describes a general fraud pattern for educational purposes. It is not an accusation against any specific person or company. A clean check is not a clearance — documentary KYC and licence verification still apply.