« Previous | Main | Next »

Exclusive: The Secret Behind the 'Black Money' Scam

March 09, 2007 2:07 PM

Abc_money_wash_nr The "black money" scam is one of the most ingenious tricks pulled off by Internet con artists.

Victims receive an e-mail saying they've inherited millions of dollars but that the money has been coated in black ink in order to smuggle it out of Nigeria.  They are then told they have to buy a special, very expensive chemical that can clean the black money so it can be used. 

Dr. Tim Sloan, a California heart surgeon, said a con man posing as a diplomat named Davidson used the special chemical to turn samples of black money into real $100 bills. 

Click Here for Photos of the "Black Money" Scam.

Sloan eventually lost his life savings before he realized the suitcase full of black money that he was told was worth $3.8 million was little more than black construction paper. "I don't like being a fool," Dr. Sloan told ABC News.

But after 20/20 was able to catch "Davidson" in the act, he decided to come clean and give us a rare, inside look at how the black money scam is performed. 

Click Here for Full Blotter Coverage.

"Davidson" is actually a native of Ghana named Eric, who worked as the U.S. representative for a group of con men based in Nigeria.

Eric said the trick involves first cutting thousands of currency-sized pieces from black construction paper and putting them in a box or suitcase.  But he also takes a few real $100 bills, coats them with a protective layer of glue and then dyes them black with tincture of iodine.  These are the bills that will later be cleaned with the expensive "magic chemical" that is really just water mixed with crushed Vitamin C tablets.  Eric said he can sell this solution to a greedy victim "even for a $1 million."

When he performs the black money demonstration, Eric asks his mark to randomly select several of the pieces of black construction paper from the suitcase.  He then distracts the victim's attention and does a quick switch, pulling out the pre-treated blackened $100 bills. 

Before the victim's amazed eyes, Eric then uses his "magic solution" to clean off the black coating, and presto, genuine $100 bills emerge.  Eric said he gives these bills to the victim and tells him he can spend them to prove they are for real. 

Eric said he had successfully used the black money trick to scam over 20 victims out of more than $100,000.  According to Eric, "The first time it amazed me.  And money started coming from it, and I couldn't stop it."

March 9, 2007 in Nigerian E-mail Scams | Permalink | User Comments (41)

User Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Wow.

How did you catch him in the act?

Posted by: Simmons | Mar 9, 2007 3:11:33 PM

How can that be offensive? The money in question was black. Just another brilliant pearl of wisdom from the PC Police. Can we say or do anything anymore without offending someone?

Posted by: Lothar | Mar 9, 2007 4:07:17 PM

Anyone stupid enough to fall for the scam deserves to be cheated.
Ph.D. my foot.

Posted by: boris | Mar 9, 2007 4:22:24 PM

How can this guy say 'greedy'? when its they who lie, cheat & steal (without any guilt) from the intended victim & its NOT just via email NOW they get to know a person in a workplace environment, for 8 months to a year & gain the trust of their victim, then propose a business venture which turns out to be a variation of the black money scam...the scammers are the lowest form of life & need to be punished severely & they should be made to pay back every single bit of money theyve stolen.

P.S these guys are so sick they even have a variation of this, when they date their victims! Also they are global now not just in USA! No tough punishment of the offences= more of this to come.

Posted by: scammed | Mar 9, 2007 5:49:28 PM

How is this an "exclusive"? This scam has been public for months. Dr. Sloan has explained how he was ripped off by this scam to other media before.

Posted by: Don | Mar 9, 2007 7:00:35 PM

I saw the original story. The "exclusive" is that this report actually explains the way the scammer tricks his victim into believing the black money is real. Very clever.

Posted by: frank | Mar 9, 2007 11:35:15 PM

A 'most ingenious trick'? Now really... Anybody with an IQ above room temperature could see this was a scam. Dr. Tim Sloan, HEART SURGEON got scammed? Wow I hope ABC is making this story up...

Posted by: Bill | Mar 10, 2007 12:28:19 AM

I had this happen to me in 2003 but I was smart enough to not give up the money. In fact, I almost had the men give me money to find my millions. The scary part is when I contacted the real bank the account was drawn on they did not know of the men who contacted me. Then I received email from a bank employee who was real and tried to scam me. He even gave me his home telephone number, which I did call and began to cry making him believe that I was poor and really needed the money. I lost contact with these individuals which was a good thing because now I realize I could have probably been hurt. Then after a little further investigating and searching I found their lawyer was a fake and immediately reported the incident to our FBI. ssaved by not giving into temptation

Posted by: Deb | Mar 10, 2007 1:53:38 AM

Folks, this low-life, Eric Amaoka is not a Nigerian citizen but a Ghanaian. This black sheep from Ghana only wishes to tarnish the image of Nigeria hence should not be taken seriously. As a proffesional con man, Eric A maoka may have some other plans brewing therefore,he should kept under FBI radar screen. His conffesions is nothing but a pretext to further his stay in U.S. So I strongly suggest that he should be rounded up and get deported back to Ghana.

Posted by: Uche | Mar 10, 2007 2:08:24 AM

When will people realise that in life you very rarely get something for nothing and further, if it sounds too good to be true, almost always, it is.

At the same time, these conmen are evil and usually target the weak and most needy. I think international authorities should do more to catch them and where caught, they should be prosecuted to the full extent of the law.

Yousef

Posted by: Yousef | Mar 10, 2007 2:47:11 AM

I HAVE SEEN THAT ON MY COMPUTER I EMAIL ONE OF THEM THEY TOLD ME IT NOT A SCAM I KNOW BETTER THEN THAT I,M NOT A FOOL IF ANYONE FALL FOR SCAMMER IT THERE ON FAULT

Posted by: CHARLOTTE | Mar 10, 2007 7:57:07 AM

I have little sympathy for people that are scammed by these "get rich quick" schemes. Seriuosly, if it sounds too good to be true...it is!! I like how Dr. Sloan says, "I don't like being a fool." Haha!! He should have thought about that when he was giving away his life savings in a venture of greediness! What an idiot!!

Posted by: Jarock | Mar 10, 2007 9:10:31 AM

I dont feel pity for these guys.for the fact that the scammer confessed to his crimes,he has to jailed for life.not only do these guys do the black money business only, they have also infested the dating sites,tell you all kinds of stories about how much they love you and want to start a family with you etc.once you fall for him,they start asking for money and sending fake money orders to be cashed, etc.I would also like for brian ross to catch these scams of romance in nigeria.

Posted by: myra | Mar 10, 2007 9:56:45 AM

So why do these scammers sell these black coated $100 bills? WOuldn't they just be better off and wealthier to clean them with their magic formula themselves?

Why do they need to just sell the magic potion?

Ooops oh yeah.. it's a scam...

Stupid is as stupid does my momma always told me!

Posted by: Richard | Mar 10, 2007 11:12:19 AM

With regard to Mr. Ross, great reporting; great to inform people of such scammers and trickster on line or in life.
As for the victims -- I can only extend both empathy and great disdain. Sure, the victim is dooped out of money (this is tragic and sad), but the victim also allowed greed to get the best of him or her. "There's a sucker born every minute . . ." I believe an American once that.

Posted by: jose | Mar 10, 2007 12:54:23 PM

to who it may concern I agree with myra that the dating sites are rittled with scammers. I for one was on Match.com and I have been scammed by a nigerian scammer. He took a very long time to know me and we chatted for days and weeks and then all of a sudden he wanted money. He had me so conviced who he was and had all kinds of pictures. I would like to see Brian Ross investigate this. I would personally like to talk to him myself and show the emails and im's I have from the scammer. I have his email, IM, and probably his real name. You want to talk you have my email.

Thank you.
Diana

Posted by: Diana | Mar 10, 2007 1:01:16 PM

GET REAL ppl & stop being so petty minded! It's called black money scam b/c the $ is colored BLACK, nothing racist about that. No different then the red card scam (3-card molly), which we don't hear Native Americans complaining about. Plays all over the world are made on Americans b/c the U.S has a rep for being greedy, materialistic & powerful. You are to them as the ever-so-invincible Microsoft is to hackers, they like to test their skills on a good, competive challenge.

Posted by: by an EX CON/THIEF | Mar 10, 2007 1:06:58 PM

Thin-skinned are the ones calling ABC a racist! It WAS a black-money scam! They didn't make it up. The construction paper WAS black. The money WAS dyed black! I'm not saying we don't have racial issues we have to deal with in our country. But not everything is racist. I'm just as offended when someone tries to make something a racist issue when it isn't.

Posted by: MPNV | Mar 10, 2007 2:28:59 PM

Every time I get one of these emails, I send them a reply asking for a good faith payment of $25,000.00 USDollars in order to complete the "arrangement". I have yet to get a reply from one.
Criminals are usually pretty stoopid, so I figure I'll get my money one day.....

I'm not holding my breath...

Posted by: B S | Mar 11, 2007 1:16:36 PM

While I sympathize with the Victims many of whom have lost their life savings, It is my considered opinion that both the 'scammers' and the 'scammed' share something in common - an uncommon greed for money that verges on the criminal.

The purported pot of gold dangled before the victim is almost always proceed of criminal activity.

Posted by: Ted | Mar 11, 2007 2:58:37 PM

Post a comment