The Anatomy of the Scam
How NJInc Operates

NJInc initiates contact through cold calls, offering investment or wealth management services.

Initial trades are modest, with mixed results to build trust.
Clients are encouraged to increase investments based on insider market tips.
For example, Mr. Rory Doyle (Head of Institutional Trading) onboarded one client, assisted with early trades, then handed over the account to Mr. Daniel Garcia (Head of Specialist Accounts) who escalated trading activity.
NJInc issued trading documents, fund transfer receipts, and private, password-protected online account access. However, all documentation and statements are self-issued by NJInc and unverifiable.
IPO shares (e.g., Kenvue, Cava) were offered at discounted rates, allegedly due to a relationship with JP Morgan.

Client’s attempts to withdraw funds, repeated and escalating fees are introduced:

AML Audit Bond – Claimed to be required by the U.S. Federal Reserve to expedite an Anti-Money Laundering (AML) audit. Handled by Jack Grover (Chief Compliance Officer).
TAX/NRAC Bond – A follow-up bond supposedly needed to issue a Non-Resident Alien Certificate (NRAC) to allow for repatriation.
International Processing Fee – Allegedly required by the Federal Reserve to process international payments.
Postponement Processing Fee – Claimed to cover delays in prior payments, etc.

Following these fees:

Funds are claimed to be returned to the Bank of China (BoC) into NJInc’s non-interest-bearing account.
A Temporary Clearing Account (TCA) is reportedly opened at Lichtenstein Bank (LGT), but repatriation is rejected by FINMA (Swiss Financial Market Supervisory Authority).
Subsequent attempts involve OCBC Singapore, Bank of Cyprus, and HSBC Hong Kong. Each attempt is blocked by different monetary authorities (e.g., MAS, HKMA) according to NJInc, and new fees are requested.

NJInc offers to contribute part of the fees or arrange third-party funding as bait.
When expecting a next payment NJInc makes regular calls to help process payments.
Eventually, NJInc ceases communication, especially once a client refuses further payments.

None of the above processes could be verified with the institutions involved.