India Releases Advisory On Fake China Firms

Beijing, Dec 1: Alarmed by increasing incidents of Indian firms being cheated by their Chinese counterparts, the Indian embassy here has put out an advisory warning traders from entering into any financial dealings, without doing due diligence first.

“We want the Indian businessmen, specially the small traders from rural areas, should cross-check before depositing money to internet savvy Chinese exporters, who are disappearing after receiving the money,” K Nagraj Naidu, Consuller Trade and Business of the Indian Business told PTI here today.

He said complaints regarding 66 cases of cheating has been received by the Embassy this year. The amount involved under these cases of trade dispute was in excess of USD 78,43,000 in 2009, USD 54,01,914 in 2010 and USD 18,82,119 in 2011 (Jan-July 15).

From: http://ping.fm/W6Swr