29 Dec

Five Myanmar traders have filed a fraud case of a Chinese citizen who scammed over K10.6 billion from rice traders to the Ministry of Commerce to proceed to prosecution, said Vice-Chair U Min Thein of Muse rice wholesale centre.

“Five traders reported their cases to Muse rice wholesale centre office on 18 December 2020. The centre forwarded this report to the Ministry of Commerce, after fulfilling the needs. The prosecution will be undertaken through diplomatic missions,” he affirmed.

A Chinese citizen identified Luo Jianfang (aka) Luo Laoban from Hubei Province of China cheated K2.6 billion from Myanmar traders and K8 billion from the traders based in Ruili, China in November-end. He scammed over K10.6 billion and fled.

Consequently, efforts are underway to abolish credit transaction system in rice trade with China and cash transaction will be conducted later. It will avoid financial scams, credit risks and save unnecessary loss. “Additionally, the related institutions will monitor the trading to prevent from such kind of cases, he added. At present, merchants in Muse are accustomed to the credit transaction. Cash transaction will secure payment on the trade deal. Myanmar’s traders also need to work together on it, Muse rice wholesale centre stated.

The fraud case has not affected the rice trade through the Muse border. The business is still continued, and about 30,000 rice bags are daily traded.

Thus, the Myanmar Rice Federation notified the traders to enter into a firm contract and strictly adhere to trade regulations. Myanmar Companies which have difficulties in entering into a firm contract and complying with regulations can contact the federation or Muse rice wholesale centre, MRF released a notification on 27 November. 

By Nyein Nyein (Translated by Ei Myat Mon)