Business Finance Asia Limited Reports & Reviews (1)
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SCAMPULSE
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SCAMPULSE
If you know any contact information for Business Finance Asia Limited, help other victims by adding it!
Type of a scam Online Purchase
Dear borrower, this complaint is for warning you that you are in serious risk of losing your money if you intent to borrow money from Business Finance (Asia) Limited. Hong Kong fake loans.
The website says they are located in the following address: Citic Tower 23rd Floor Room 1102-6 1 Tim Mei Avenue Central Hong Kong. Telephone +852 81 999 011 F: +852 81 999 811
http://www.businessfinance-hk.com
[email protected]
THEY ARE NOT EVEN LOCATED AT THIS ADDRESS AT CITIC TOWER.
We hired a private investigator that went in person to this address and discovered that Business Finance (Asia) Limited does not have an office in this building. Not even a virtual office, because the Citic Tower doesn’t provide this type of service.
This is a fraud scheme
The names involved and working in this fraudulent loan scheme are: Arjun Li Chun (Information Team), Jong Lee Fang (Legal Department), Jiaming Chong (Legal Team Officer) Wu Changchun (Chief Financial Officer).
Even if they display a money lender license number and business registration number on their website, that doesn't mean you won't be scammed. I repeat…THEY ARE PROFESSIONAL SCAMMERS. It is not the platform but the user, that is where you should pay attention.
The Business Finance website is designed to appear legitimate. The reality is that their website provides false and misleading content and reviews, with the aim of misleading borrowers and using intermediaries to acquire new potential customers.
They do not lend any money. They are Hong Kong professional loan scammers. They already ripped us off. That is why we share our experience online.
We describe below the real scenario that happened to us when trying to get a loan trusting these scammers.
After countless attempts to amicably close the loan and/or get our deposit back as stated in the contract, we have only received more deception. Until today, May 9, 2022, 8 long months have passed since we signed the Deed of Agreement, without obtaining the promised results. On the main page of Business Finance (Asia) Limited, you can read: their first lie. "Get your business/project loan approved within 7 days" https://www.businessfinance-hk.com/
Here we describe the modus operandi they will use after you contact them:
1- They will send you documents such as "loan requirements and CIP form" and "Transaction Procedure: Direct Investor Business Loan Financing". In those documents they demand that you do everything FAST, to close the deal in a few days. This trick is to prevent you from doing your own due diligence on them and finding out what they really are. Those documents look real. Don't let them fool you. They threaten you in the contract with penalizing you with 1% of the nominal value of the loan if you do not comply with sending the upfront money they ask for in the required time. That means FAST. High-pressure tactics can lead you to make rash decisions that you’ll likely regret later on. They will ask you all kind of personal information, including your passport, bank statement and bank information. That's DANGEROUS. You don’t know what they will do with your passport and bank information.
2- They will send you a "Letter of Intent".
3- They will send you a "Deed of Agreement".
4- They will send you an "Irrevocable Refund Guarantee" signed by the lender and his bank.
5- You will be asked to pay a fee called "Credit Insurance Deposit" (You will NEVER see that money again)
6- After sending the initial money, they will start asking for more money upfront like a tax due to the "investor" or other fees before delivering the loan. If you propose to send this second money upfront but in a safe way, as using an escrow service using a corporate law office in Hong Kong or deducting the tax directly from the loan, they will refuse. Of course the intention is to steal that money too. Being asked for more than one upfront fee is a likely sign of a scam.
8- They will make you feel that EVERYTHING is your fault for not sending more money.
7- Now is when YOUR NIGHTMARE WILL BEGIN.
After reading this information, if you decide to do business with this company, we wish you VERY GOOD LUCK, you will need it.
Start by asking lots of questions. They will never answer those questions. They will avoid you because if you ask questions you are not a good candidate to be scammed. If you continue to ask questions, you will be put on a blacklist that is shared with other "lenders" in Hong Kong. You will become a threat and they don't need you. They will blacklist you and will no longer respond to your emails. Ask questions and get convincing answers. If you ask these questions to Business Finance (Asia) Limited or any other lender in Hong Kong, you will get the same results. NO ANSWERS.
They will answer that if you do not trust them, you should find another lender. This is a typical answer of a scammer. If you ask questions you are not a good candidate to be ripped off.
Business Finance (Asia) Limited claims that they have been in business for over 24 years. So they should have a lot of customers. Ask them for contacts from real companies that they have lent money to in the past. They will tell you that it is confidential information. All the testimonials they have on the website are FAKE.
Legitimate lenders disclose all their fees and information and are transparent before signing any contracts and provide you with real testimonial from their clients.
You should do your research and contact the provided bank signing the Irrevocable Refund Guarantee to find out if the bank is involved in this hack. The bank that appears in our Irevocable Refund Guarantee is the Sharjah Islamic Bank and the bank officer is Pasin Ismail. We tried to contact that bank many times and they never responded. That suggests to us that they are not involved with Business Finance in this scam or they want to protect them.
The investors as per their Deed of Agreement are companies located in China such as:
- Foshan Hehong Trading Development CO. Ltd.
- Foshan Guangshou Import and Export CO. Ltd.
We tried to contact those companies without success. The scammers probably use the names of those companies to look real and scam you. Probably those companies don’t know and are not aware of this scam. Or are they also involved?
Do your do diligence, protect yourself, and don’t lose your hard-earned money
They use brokers/consultants to bring in borrowers with the promise of a commission. These brokers do not know the true intentions of the scammer. Of course, they NEVER deliver the loan or the commission.
We can support our story with evidence (witness statements, photos, documents, etc.)
If you let them know that you will report online their fraudulent activity, they will have the audacity and nerve to threaten you. This is what they emailed us.
I quote verbatim what they told us.
"Do you think we will only go ONLINE to destroy your company's reputation? You must be joking to think such as We will go far far beyond your expectations".