How Due Diligence Saved a Buyer from Losing $2 Million in an EN590 Fuel Scam
Updated: May 27
Last month, a buyer contacted us just a few hours before making a $2 million payment for an EN590 fuel transaction.
He only wanted a quick verification before proceeding.
That decision likely saved his entire investment.
The Deal Looked Completely Legitimate
At first glance, the structure looked professional.
There was a signed SCO, proper communication, POP documents, and a smooth ICPO process. The seller spoke confidently, understood industry procedures, and presented the deal exactly the way many real suppliers do.
Nothing immediately looked suspicious.
And that is exactly what makes modern oil & gas scams so dangerous.
Today’s scam structures are designed to look real from beginning to end.
What We Found During the Investigation
Once we started the due diligence process, serious concerns appeared very quickly.
The seller’s company had only been registered recently, despite claiming years of operational history.
The export license could not be independently verified through official channels.
The listed office address showed no real evidence of oil & gas activity.
Several inconsistencies appeared across the POP documents and transaction paperwork — details most people would never notice without experience reviewing these structures regularly.
We also found no legitimate operational presence connected to the claimed loading location.
Then came the final major red flag.
The seller requested the $2 million payment in USDT cryptocurrency and attached a QR code directly on the invoice.
For a transaction of this size, that immediately raised serious concerns.
After completing the investigation, we advised the buyer very clearly:
Do not proceed with this transaction.
The buyer listened, paused the deal, and no payment was sent.
The funds were protected before any damage occurred.
Why Stories Like This Matter
Many people assume scams only target inexperienced traders.
That is no longer true.
Today, scammers understand industry procedures, documents, and negotiation flow extremely well. They know how to create convincing websites, fake corporate structures, forged POP documents, and professional communication.
Some even study real transactions to copy them step by step.
This is why independent verification matters before any payment is made.
The difference between a safe transaction and a catastrophic loss often comes down to one thing:
Proper due diligence.
Before Your Next Oil Deal
If you are currently negotiating an oil or gas transaction, ask yourself one important question:
Have you independently verified the counterparty behind the deal?
Not just their website.
Not just the documents they sent.
A real investigation.
At STOP OIL SCAM, we investigate:
• EN590 seller structures
• Jet A1 suppliers
• Refinery claims
• POP documents
• Company registrations
• Mandates and intermediaries
Our goal is simple:Help traders identify risks before money moves.
One investigation can prevent a very expensive mistake.
Stay alert. Verify before you proceed.
— STOP OIL SCAM Team
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