Posted on 01/03/2013 3:00:16 PM PST by Zuben Elgenubi
The “U.S. treasury bonds” with a face value of $5 billion seized by Income-Tax officials from a businessman in Tirupur district are most likely fake since the U.S. Treasury Department has largely dispensed with issuing paper T-bills and has certainly not issued any with a denomination as high as $1 billion. Indeed, in February 2012, after police in Italy seized fake U.S. bonds worth a whopping six trillion dollars, American officials told the media the U.S. does not sell a $1-billion treasury bond.
The Italian haul was similar to but much larger in scale than the recent seizure of five U.S. ‘international bills of exchange’, each with a face value of one billion dollars, from T.M. Ramalingam (46) at Dharapuram in Tirupur district of Tamil Nadu. While the I-T authorities say they are still trying to verify the authenticity of the documents, recent media reports suggest that use of fake U.S. bonds to make bogus investment pitches and defraud individuals and even banks around the world is not uncommon. The Reuters news agency, in fact, issued a picture of the fake U.S. treasury bond with a one-billion dollar value. Authorities in Italy then said such fake documents were often used as collateral for loans and other transactions.
According to The Los Angeles Times, U.S. Customs Enforcement has warned the public against such bogus bonds in circulation. Meanwhile, as taxmen continued their probe into the seizure of the purported U.S. treasury documents from his house, Mr. Ramalingam, who trades in agricultural products, claims he has complied with all legal requirements. When reporters of The Hindu met him at his residence on Thursday, he said, “I have complied with all procedures.” And, added that an inquiry was scheduled in Chennai for Friday before the Income Tax department. I-T officials did not rule out Mr. Ramalingam being duped into purchasing fake bonds as he had said he was planning to use the bonds to fund his ambitious plan to set up a petroleum product refinery.
Keywords: I-T raids, Ramalingam, U.S. treasury bonds seizure
On the other hand, maybe Turbo Tax Tim Geithner is exploring new ways to pay foreign debt.
It looks like a nice, neat house. I would expect to find $5 billion in T-bonds in such a place in rural India. Wouldn’t you?
The entire global banking system is phoney. Some of the stuff is counterfeited by crooks and foreign governments, some of it is wished into existence by banking cartels, and some of it is fiat money wished into existence by "legitimate" governments. But the amount of "value" in the world greatly exceeds the amount of "wealth" in the world.
Perhaps zer0 should get a lifelock subscription??
Actually they are all fake....
“Actually they are all fake....”
I was about to post this very point.
Whether in rural India embossed with crayon, or new printed from the Treasury Dept, they all have the same value.
“most likely fake since the U.S. Treasury Department has largely dispensed with issuing paper T-bills”
So they are all electronic.... I get it. The huge coronal mass ejection from the sun will wipe out our debt instantly as it is all electronic!
Fake IOUs. Goes well with a big helping of tungsten bars from Ft. Nots.
Indeed, and I would be so certain of their legitimacy that I wouldn’t even need to take it to my bank or stockbroker for depositing.
How is this scam supposed to work, anyway? Does he show them the deed for The Louisiana Purchase as well?
Having found a gullible/greedy mark the crooks and his accomplices procure or produce the phony bonds. They tell the mark that the bonds are hot or some other reason they can't take them to a bank and they offer the phony bonds to the mark at a steep discount. Greed takes over, the mark falls for the scam and the crooks take the money and run.
The first hint the T bills were fake is when billion was spelled “billyun”.
LOL!
Preceded by “eleventy”
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