Be Aware of the Commercial Fraud

Commercial fraud under legislative provisions is a crime committed with intent to primarily avoid any of the government commercial considerations enacted for businesses. Some of these crimes are:

  • Avoiding payment of taxes which are to be paid on the movement of goods
  • Avoiding any restriction on the movement of certain commercial goods
  • Trying to receive any undue payments, subsidies for which one is not actually entitled
  • Trying to cause commercial harm or take under commercial advantage to business competition.

These are some of those provisions which the customs department in the government is accountable for implementing. Businesses today are bearing a substantial brunt of this fraud upsurge and have become victims to Commercial fraud. Governments today are enacting various laws to try and prevent these frauds as much as possible.

There are various types of commercial frauds which occur around the globe. Some of the fraudulent activities which affect the business and government and Government related organizations are:

Commercial bank frauds

This commercial fraud involves using fraudulent means to get money, own assets, or gain any other property which is owned primarily by a financial institution. The details of the various provisions vary between different jurisdictions, however, bank frauds are not treated similar to a bank robbery; they are more or less defined as a scheme to embezzle funds and obtain commercial assets. These frauds are hence also considered to be a white-collar crime.
In most instances, these frauds are considered to be a criminal offense.

Commercial mortgage fraud

This kind of fraud deals with a much broader and different variety of criminal activities, where the basic intent is to primarily misinform or misrepresent on a particular application for a mortgage loan. This is done with intent to get a larger loan which otherwise would not have been possible if the truth was known. The prosecution activities for this kind of fraud are similar to those for wire frauds or bank frauds. They are also similar to mail fraud and the activities of money laundering. The penalties good be as high as thirty years of imprisonment.

Commercial crime services fraud

Fraud crimes are usually investigated by certain crime service agencies. In very rare cases, these agencies collude with the fraudsters to hide the fraud. This complicity is also a punishable crime under the US laws. However, detection of such a crime is a problem.