'Tech entrepreneur took our money but failed to deliver our startup dreams'

Post by graemep » Sun, Apr 27, 2025, 11:35 AM UTC

graemep wrote: post #26

fakedang wrote: post #13

Earlier quoted context omitted.

I honestly don't know. That's why I'm surprised the UK actually has provisions for clawing back funds. Maybe they put adequate pressure on the Dubai-based banks to reverse the transfer?

No, the bank just takes a loss if necessary. See my comment above: https://news.ycombinator.com/item?id=43810904

Post by Ekaros » Sun, Apr 27, 2025, 11:36 AM UTC

graemep wrote: post #25

dtech wrote: post #21

Earlier quoted context omitted.

In my country this is only possible if enough funds are in the target account (banks coorporate), it's not a general customer refund...

In the UK if the funds cannot be recovered the bank takes the loss for push fraud. https://www.which.co.uk/consumer-rights/advice/what-to-do-if... It has made banks very nervous about transfers as even payments to a legitimate business can be part of a a fraud (e.g. buy gold and hand it over to the fraudster for "safe keeping") and people have complained they have had problems making legitimate transfers.

Post by gchamonlive » Sun, Apr 27, 2025, 11:37 AM UTC

swiftcoder wrote: post #20

I never get why these types always end up running such naked scams - he’s clearly got a gift for sales, with a decent technical founder to back him up, they could be rolling in dough without failing to deliver the actual product

    In the misfortune of our best friends, we often find something that is not displeasing.

Post by csomar » Sun, Apr 27, 2025, 11:42 AM UTC

mmarq wrote: post #33

petesergeant wrote: post #17

Earlier quoted context omitted.

I am very curious about who’s downvoting this; do people really think it’s the bank’s responsibility?

My understanding is that when you transfer large sums (such as 30K) to an overseas account for the first time, the British bank is required to block it and ask you questions. The first time I transferred money to an overseas account in my name, the bank blocked the transfer for a day until I gave them proof that I was the owner of the account, what I was doing with the money and that I wasn’t being scammed.

Post by immibis » Sun, Apr 27, 2025, 11:50 AM UTC

admissionsguy wrote: post #30

jongjong wrote: post #9

>> So don't tell the client that it cannot be done because we'll find [a contractor] that can do it when they've paid As a software developer (who did contract work in the past). I think this is actually sound logic within certain parameters... Sometimes clients do ask for impossible or infeasible things. But in most cases, the constraints are money and skills. Someone who is good at sales should not have to reject c…

> There are people straight out of university who know nothing and can't deliver anything on their own earning over $200k per year and seasoned experts who can deliver anything barely earning 100k. In my model of the world, there is exactly one country in the world that values skilled labor, the US. The highly skilled 100k people from abroad are firewalled from it by the visa regime and the fact that most people with…