We applied for a DLC for $ 25 million, to be issued in 5 tranches, each $ 5 Mio, as payment guarantee and paid issuance fees, total $ 55,000.
After several trials and couple of months of no action (we thought) we cancelled the contract beginning of December 2019 and asked for reimbursement. Only after couple of months we received 3 copies of swifts. They turned out to be test swifts and they were not according to the contract. 2 of them were completely different and carried different face value according to the contract, one of $ 100,000 and one of $ 1,152,000.
Also, all 3 swifts, pretending to be tranches of the DLC were declined by the receiver.
Soleil refuses to reimburse our $ 47,000 despite the swifts showing they do not comply to the contract, wrong swifts with wrong face value and finally as a result, the instrument(s) have not been delivered.
Soleil denies they did wrong, despite the swifts showing evidence and refuses to reimburse. Moreover, the swifts showing that the applicant and receiver are different and still denying they did wrong and all went according to correct communication with the original applicant.
Regarding that communication, there was no communication at all with Soleil’s agent in charge, located in India. In turned out, the agent was instructed by management, Mr. Govind Srivastava to keep his mouth shut, so communication was not possible at all.
Soleil Chartered Bank is a non-rated bank, with registered office at Place Pangahari, Mutsamudu, Anjouan, Union of Comoros. Their CEO pretends to be a CPA, so a certified public accountant in the USA. Their President, Mr . Adhar Srivastava pretends to be CAMS certified in financial crime prevention. Pretending do be ACAMS member and ACAMS certified for Trade-Based Money Laundering. He pretends also to be certified by the ICC for UCP 600 and Documentary Collections.
We are aware they are non-rated and based on that, their fees are lower than rated banks. In many cases, that can be the decision to use nonrated bank(s) as long as the receiver accepts instruments issued by such firms, then normally there would be no problem.
After several attempts to have the CEO’s registration number as CPA, he permanently refuses to supply his registration number. Public organizations such as National Association of State Boards of Accountancy for USA and The Institute of Chartered Accountants in England and Wales (and other countries) do not show the CEO’s registration number, so most probably he is not a CPA. We did not check if he has indeed a lawyer degree. If you want to check if the President is indeed a member of ACAMS and Cams certified, one must have the member’s approval to get that confirmation from the organization. So at this moment (March 2020) we do not know whether the President is Cams certified or not.
Actually, now knowing how that company works and seeing many accusations against them, having that certificate could be (very) relevant as ACAMS stands for financial crime prevention, but is the contrary how they work !
Obviously they use their website to reach clients and pretend to be trustworthy and reliable, so clients will go into business with them.
By publishing to be Chartered Accountancy, CPA, Law and B.Sc. in Chemistry qualifications but not willing to show evidence, that may indicate he does not have such graduations or titles. This can be treated as misleading the public with the only purpose to trick clients, as it seems this is the way Soleil makes their money.
This may help you to understand how Soleil works.
If anyone applied for a DLC Mt700 they should read the swifts very carefully. If Soleil is the issuer of the instrument and as the first swift Soleil
sent the Mt710 and NOT the Mt700, then there it goes wrong.
The Mt710 is an advising swift which can only be sent after receiving the Mt700 first. If that Mt700 did not come (how can it be as Soleil is the issuer) than it is either some kind of flip operation or fraud.
At the end, your receiver will reject the swift and cancel the DLC. Soleil in return, will not reimburse the fees to the applicant claiming they sent the instrument.
Very good possible there are other ways to trick the client but at the end of the day, the applicant paid fees for an instrument which is not delivered.
Regardless if Soleil is a nonrated bank as that is known upfront, but by conducting these procedures, which are complicated by default and Soleil
is aware of that, they trick clients.
If they pretend to be indeed trustworthy as per their website: ”Trust is the Cornerstone of Every Relationship” then they should charge the client for real services rendered and not rip them off, what they do now.
If Soleil wants to compete in this (sensitive) financial market, then at least they should keep their word.
It is pity enough if a transaction does not take place, but not based on misleading, embezzlement and fraud.