Victims and Dollars                                      Notice to Australian Victims                                                     
LATEST NEWS ! How the scam works Ahsan Ali Syed - Thief. Omer Khan, CFO -  Liar
The PR Machine The Australian Conspirators Auditors and Valuers Ali's Emails to Wikifrauds Racing Santander - Spain
Our Mission Statement The Swiss and Bahraini Crew Web censorship and closures
Ali the Hacker References and Links
The Victims and the Dollars The Malaysian Victim
Johnson Property Group
The Victims Forum
Supporter's Page
To properly understand the situation, one must realise that besides the huge losses these companies have sustained, they are all embarrassed to have been duped and few even discuss it amongst themselves. However, Wikifrauds has gained the confidence of many victims, and those who very nearly also became victims.
Their stories are all the same, the only differences are the amounts paid in fees, and the details of their projects. 
Wikifrauds has guaranteed that information provided by these people is kept confidential, and will only be released with permission of the victim.

The victims fall into three catagories or levels:

Level 1 Victims  Those who went the whole distance and paid the huge up-front fees.
Level 2 Victims  Those who only paid the establishment or diligence fee (non-refundable)
Level 3 Victims  Those who spent considerable money in flying to Bahrain or Zug, and the costs of 
                            preparing their submissions properly.
(There are also knock-on victims such as builders and contractors, town planners and architects, sub-contarctors, accountants and lawyers, and innocent finance brokers. All of these have also suffered real losses in term of time and money)

Victims of all three levels are rightly aggrieved at their situations, and correspondence from victims of all levels has been pouring into Wikifrauds. Some we were already aware of, others are revelations. We are even receiving requests for assistance and advice as to whether or how they will get their money back.

For many level 3 victims, this WGA opportunity presented a way forward with their projects while the normal banking avenues had all but dried up, and rolling over existing funding arrangements had become very difficult. With the failure of WGA to honour its loan obligations, many Level 1 victims are now teetering on the edge of  financail ruin. Some borrowers will lose their family homes and be left with nothing. Some have had to sell valuable investments in property at discounted figures, just to remain liquid. All have suffered massive backward steps in their lives, both private and in business.

It is obvious therefore that without permission, we will not reveal their names.

But we can say without breaking confidence that the loans sought range from $25M  up to $320M, and the fees paid range from $500K to a whopping $4.5M, and there are plenty of them.

Our estimate now is somewhere upwards of $40M taken out of Australia alone, and that WGA has outstanding loan obligations of some $1.5 Billion, with not one of them settled or likely to be settled.

Indeed, Ali is so worried about the grumblings from Australia and from this site in particular, that he is madly rushing about phoning everyone and trying to placate them with new promises, and trying to guess who we are.

Latest publicly known victim:
Open the site above and scroll down to third story, then click "Read More" just outside the story box. You will need to use the back button on your browser to return to this page.

18 February 2011

"Claims this morning that Wellington Phoenix football owner Terry Serepisos may have fallen victim to a Nigerian-style finance scam that's cost him more than $750,000.

The National Business Review says it's seen confidential documents relating to a loan that went bad in late 2009, offered by Western Gulf Advisory to an Australian developer.

It's the same deal being offered to Mr Serepisos.

His loan is supposed to be delivered today, but the transfer has been delayed and WGA has threatened the NBR with legal action after it started asking questions.

The NBR says the troubled property developer is being warned that his desperate attempts to secure funds from overseas bear all the hallmarks of a scam that should be reported to the Securities Commission.

The future of Mr Serepisos' property empire and the Phoenix appears to hinge on the loan deal going ahead."

NEWS RELEASE:  A close shave with WGA:
 Wikifrauds has been in communication with what we can best describe as a client who came close to falling into WGA's clutches. This 'informant' client is the owner of a highly respected investment business in The Netherlands. His latest email to Wikifrauds is quoted below, and the scenario painted is precisely the way Khan and Ali go about their business. If anyone requires personal proof of this communication, we will request the client to contact you direct and disclose his identity. Further details will be released by the Sydney Morning Herald shortly.

His story:

I own a investment firm in the Netherlands and I'm a entrepreneurial finance professional. A few weeks ago WGA contacted me personally and they asked me if I was interested in a lucrative partnership with them. I never heard of the company, when I saw their website I was quite impressed on how big they were. It seemed to me like a chance I didn’t want to miss. I have a client in the USA which required little over 100MM$ for his venture. I discussed this project with WGA and they were immediately interested, this was very rare to me so I started scratching the back of my head wondering what was going on. And then I knew, he sent me the terms and conditions for the loan (I have included attachments for your reference), I was quite shocked by the upfront fees involved. So I called their CFO and asked him whether it was possible to place to upfront fees on a safe escrow account. When he told me this was impossible I knew it was a scam and begun my own research. I found Matt Nippert of the NBR very fast and he connected me with other journalists. For this reason we've quit our negotiations with WGA. They are actively approaching companies like me and other entrepreneurs to promote their loans. It was also very suspicious that they were immediately interested in our project. When we were having a conference call with Omar Khan (CFO), Anoop Koshy (Financial Analyst) and Mr. X (my client), my client was explaining the project specifications, activities and location and Omar Khan was like: yea yea yea its all good. As a venture capital and private equity professional I know that there was something wrong as most investors ask A LOT of questions and about specific details. WGA obviously didn’t care about this, they only wanted 3,5 million upfront so they could "process the loan"


Notice to Australian Victims

Advice has come to Wikifrauds that the promotion, comfort and assistance of WGA's lawyer in Sydney after April 2010, may give you grounds to lodge proceedings against the NSW Law Society Fidelity Fund.

The Law Society has received a number of complaints against this Lawyer in April 2010. This lawyer had already been dismissed from two law firms for misconduct, one involving his issue of fraudulent tax invoices. He is also under investigation by the Australian Tax Office. He should have been struck off the register of properly licensed lawyers at that time, but was allowed to continue practise. His licence should have been suspended at the least when complaints relating to his association with WGA were lodged in April 2010.

If you are a client who has been given assurances and confirmations by this lawyer about WGA after April 2010, then the NSW Law Society  may be held accountable for allowing him to continue to practise after April 2010. Statements of claims have already been made by some aggrieved parties along these same lines.

The NSW Law Society is claiming today (March 3 2011) that they are waiting on information from WGA, which of course we know they will never receive. The lawyer continues to function as a lawyer and continues to promote WGA to this day. This leaves the Law Society Fidelity Fund themselves open to a claim for compensation for losses incurred as a result of assurances made by the Sydney lawyer.

Like Ali, the lawyer must be stopped also. The longer the NSW lawyer is allowed to practise, the deeper the pockets the Law Society itself will need.


Please contact your own lawyers about this, and have them contact us immediately if you wish to join the new WGA Victims Forum.

Matters have already started for a class action with a good number of victims now joining. A large class action will have a much greater impact than a series of smaller individual claims. Try it on your own and they will pick you off.

We have an experienced lawyer in place and we have already opened a secure data centre for lodgement of documents.

For full information and the law firm contact detals, please contact us.