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A man who got away with $242M using ‘black magic’

bbc.com

21–30 of 95 posts

Re: A man who got away with $242M using ‘black magic’

#21
post #4

The "send me your money and I'll send double back" scam is a staple among kids playing MMOs since at least the days of Runescape. Doubtless it goes a lot further back.

How does this work exactly? I can see how it works in the short term e.g. you give me money, I give you double, you give me lots of money and I disappear with it. But it seems he had an ongoing relationship with the Daubi bank manager, how is that possible?

I'm sure he had no trouble doubling smaller sums (the article stated he also had significant debts), and made up stories about how it would take longer and be more complicated to double larger sums.

Going back to MMOs, scammers in EVE have a jumble of variants on this scam. Typically they'll double your money if it's below a certain amount, but run away with any larger sums. Sometimes they frame the game as a lottery or game of skill: only the first person whose cash transfer shows up in their wallet will have their money doubled. With arbitrary rules like that, it's easier to give excuses as to why they weren't able to double the money. Oh, you didn't read the fine print in my bio: better luck next time! A good rube might fork over multiple donations before he realizes his money won't be coming back. Of course, scamming in that game is perfectly legal, so it's a lot easier to just block and ignore your marks.

Re: A man who got away with $242M using ‘black magic’

#25
post #16

Earlier quoted context omitted.

It will catch up to you in the end.

The examples that came to my mind when I first saw that tweet were: Napster/Youtube (unauthorized content sharing scaled up to such a degree that the media industry had to shift to streaming business models), Uber, the ongoing US legalization of marijuana (too much of the population uses it for abolition to be effective).

Cryptocurrency

Re: A man who got away with $242M using ‘black magic’

#26
post #24

Okay, someone help me follow this. I understand the whole give me money and I'll double it thing. But how did he end up with $242 million? That seems like and incredible amount for a single person to have the authority to give away.

Did some googling and based on this legal judgment it seems like his relationship with the woman at Citibank really helped in making withdrawals from the Dubai Islamic Bank https://www.courtlistener.com/opinion/2504755/dubai-islamic-...

Also found this article from '98 where a coworker asks the same thing and gets the same answer Ayyoub gave other people: "I asked how he had transferred so much money without approval or authorization," Salim later recalled. "Ayyoub said he had been under the influence of, or pressured by, the rich man to transfer the money." http://www.miaminewtimes.com/news/babas-big-bucks-6359873

Also, this 2001 article suggests the transfers "were disguised in falsified bank ledgers" http://gulfnews.com/news/uae/general/jail-sentences-dropped-...

Re: A man who got away with $242M using ‘black magic’

#27

>"He walked into Citibank one day, no appointment, met a teller and he ended up marrying her," This guy is smooth.

I assume if she was a teller and saw, say $100MM, in an account assigned to him, it wouldn't be unimaginable for her to believe whatever story he conjures up.

Re: A man who got away with $242M using ‘black magic’

#29
post #10

Reminds me of a great (now-deleted) tweet I saw a few years ago: "Everything is legal if you scale it up." Convert the cash to assets, then convert the assets to political clout---at that point the cash heist is in the rear-view mirror...

All criminal justice above street level is politics.

Re: A man who got away with $242M using ‘black magic’

#30
Still the writer is telling the story as an absolute truth, if he claimed could double money, why that guy kept sending him money without getting back anything doubled?

And 3 years, the sentences, way to little, something doesn't add up, I'm inclined to believe that he actually was some kind of scapegoat, that yes he received money from the bank, but a cover up, also the bank didn't noticed, so much money going out without justification?

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