Infamous letter fraud claims famous victim

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Over the past year CNBC-TV18 has run a relentless campaign against the infamous Nigerian letter frauds. The crime is far from checked by authorities and has instead claimed its most high profile victim yet, reports CNBC-TV18. 

Nigerian letter frauds have hit India hard and despite numerous reports,  authorities have little control on the crime. As a result citizens continue to fall prey to this global syndicate. India's oldest and best known consumer activist Manubhai Shah is the latest victim of this fraud.

Shah allegedly gave away Rs 32 lakh from his trust's account after he was promised USD 14 million in return from the account of a deceased Nigerian of Indian origin.

Shah says that he was approched by an advocate and he wanted to use the money for a good cause. Not only has Shah lost his money, but has also been sacked from chairmanship of the trust he founded.

"They approached me saying that according to Nigerian law, since we shared the same nationality, my certificate could be used in the courts for the money," says Manubhai Shah Former Chairman, CERC.

Nigerian letter frauds has been estimated to be valued at over USD 5 billion globally and this fraud has been hitting Indians hard over the past couple of years.