RANA IMPEX, an Italian company issued DOCUMENTARY LETTER OF CREDIT MT700 in favour of a Pakistani exporter of Basmati Rice known as MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES, having their office at SF-57/ 58, Hub River Road, S.I.T.E., Karachi - PAKISTAN, and other information as follows such as PBX: ++92 21 325 51548, ++92 21 325 51549 FAX: ++92 21 325 51569 EMAIL: [email protected] WEB: www.makkaexport.com for the importation of PAKISTANI BRAND BASMATI RICE for the value of USD 237,600 i.e. USD Two Hundred and Thirty Seven Thousand and Six Hundred from a UK bank. The said Pakistani exporter MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES got hold of the DOCUMENTARY LETTER OF CREDIT MT700 for USD237,600. Later, the said exporter i.e. MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES instead of making shipment of BASMATI RICE to Rana Impex Italy, tried to obtain funding from a Pakistani bank but failed. The said exporter MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES also attempted to seek financial assistance from potential local investors on the basis of the DOCUMENTARY LETTER OF CREDIT MT700 which was issued by a UK bank. However, all efforts in this direction to collect money by using the said Documentary Letter of Credit miserably failed and therefore MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES decided to search for some excuses in order to cancel the deal and get away. MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES instead of effecting shipment of BASMATI RICE to Europe in the name of RANA IMPEX Italy, started issuing false statements about the Documentary Letter of Credit and its issuing bank without providing any concrete evidence in support of their accusations. Actually, in order to divert the attention of the importer RANA IMPEX Italy, MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES started blamegame by accusing the LC issuing bank. In reality, MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES had no intention to export Basmati Rice to RANA IMPEX Italy and as such MAKKAH EXPORTS INTERNATIONAL IN COLLABORATION WITH MAZCO INDSUTRIES committed DEFAULT and then resorted to making excuses to delay and ultimately cancelling the deal without providing any acceptable reason of their inability to export Basmati Rice to Europe despite having received DOCUMENTARY LETTER OF CREDIT MT700 for $237,600. This was an open fraud on the part of MAKKAH EXPORTS INTERNATIONAL and MAZCO INDUSTRIES Pakistan under the international business standards. MAKKAH EXPORTS INTERNATIONAL and MAZCO INDUSTRIES also committed great mistake by deliberately and falsely accusing LC issuing bank in order to find a way to get rid of the envisaged transaction. The importer RANA IMPEX has lost their money due to this fraud of MAKKAH EXPORTS INTERNATIONAL and MAZCO INDSUTRIES Pakistan. It is to inform all importers of Basmati Rice based in Europe NOT TO DEAL WITH MAKKAH EXPORTS INTERNATIONAL or MAZCO INDUSTRIES Pakistan which are represented by certain Pakistanis who claim to be very good exporters of Basmati Rice but actually they are looking for LETTERS OF CREDIT to make money back in Pakistan through their own network and finally depriving the importers of rice from Europe from their hardearned money used for issuance of Letters of Credit.