Foreigner's Bank Account Robbed of €1.3 million

€1.3 million stolen from foreigner's bank account in broad daylight

The Montenegrin police are looking for a woman who on April 12, using forged documents of a client of Lovćen Bank in Herceg Novi - Montenegro withdrew 1.3 million euros from her account.

How is something like this even possible in this day and age?

How safe are banks, and what do you need to look for when choosing where to deposit your money?

Should you completely disregard banks in Montenegro and similar countries?

Will the depositor get her 1.3 million euros back?

This is an unprecedented event in Montenegro, that raised many questions and concerns. Today we are covering what happened as well as what should you do in order to protect yourself from similar frauds.

----------------------------------------------------------------------------------------------------------------------
Introducing Michael Rosmer, the true modern-day Renaissance man and international entrepreneur, who has been mentored under top international tax attorneys.
He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.

Michael leads a team of lawyers and accountants who are top experts in their respective fields. This multi-lingual, multi-national team has worked with digital nomads, entrepreneurs, and investors from 62 countries, providing practical real-world multi-dimensional solutions for their clients.

At Offshore Citizen we understand that each individual's situation is unique. Unlike most industry service providers, we do not push any particular country or solution. Instead, we analyze your individual situation and custom-tailor the best countries and strategies for you, drawing on every part of the globe.

With Offshore Citizen, you can rest assured that you are in the hands of professionals who have your best interests at heart. Let us guide you through the complex world of international tax planning, immigration, residency, and second citizenship.
Contact Michael today for a personalized consultation and take the first step towards securing your financial future.
..........................................................................................................................................
Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships.

☎️ Book a call with Michael:

🌎 Visit our website:

[mykedoes]

there is something called a Signature File, and a ATM PIN Code. Sounds like the Bank was in on it, or a Bank worker.

[BlackLabelExpat]

Ok, but if it was an organized crime, then they would just launder it in a casino or ask HSBC for help.

[nadpul]

It is nearly impossible to find a high quality bank in Montenegro let alone opening a bank account lately. I would suggest providing options to your viewers.

[crypto_que]

Shout out to the robber. Hackers like this make banks safer and more secure. She exposed a giant security flaw & the bank will be sure not to make that mistake again.

[tinglestingles]

Yes, I did assume it was an inside job. Pretty scarey and best to diversify - many banks/ many countries/ many other assets!

[CupsAndCandles]

Yup, this is why I keep my balances in mexico relatively low

[H]

Do you not think the bank itself had something to do with it ? This is impossible.

[thankyouand]

Appreciate the more professional video recording :)
BTW I just came back from Montenegro, Ironically I departed exactly on 11th april 😂
Super enjoyed the time there. But they still kinda live in the 90's lol. Banks / Streets / everything, same for banks etc.

[tinglestingles]

From GPT-4…. First, let's find out how many €50 notes make up 1.3 million euros.

1, 300, 000 euros / 50 euros/note = 26, 000 notes

The weight of a single euro banknote, regardless of its denomination, is approximately 0.72 grams.

So, the weight of 26, 000 €50 notes would be:

26, 000 notes * 0.72 grams/note = 18, 720 grams

To convert this to kilograms, since 1 kg = 1000 grams:

18, 720 grams / 1000 = 18.72 kg

So, 1.3 million euros in €50 notes would weigh about 18.72 kilograms. So, Seems pretty doable for a healthy woman. Half that if €100 notes.

[JohnDoe-cfjz]

Fricking scary, great story. I'm really trying to finger out where to go and Montenegro was one of the considered places. I'm starting to now think it's a bit too close/same as Albania which is full of crooks. Then again, when you mentioned the actual account owner calling the previous day it does stink of collusion for fraud. This is definitely a complicated case and one I suspect involves multiple people including the account holder and an insider plus others.

[mykedoes]

How it happened is simple, if there are human hands behind your Financial security and those hands are not yours, thats how

[jayman]

Interesting. But you should check whoever is doing your captions. They referred to IFRS. That has nothing to do with this topic. You meant CRS.

[HyperspaceHoliday]

Bad luck for the bank. They'll have to reimburse the depositor.

[crinsb]

Which jurisdictions are then not safe for banking? All of Eastern Europe or just those countries next to a certain one beginning with A? Club Med? Dubai? Thailand or other SE Asia?

[rof]

This is why we should keep our wealth on decentralised ledgers.

[koogle]

I cant even get or spend money from my own bank account.

[transcend]

Banks, insurance companies & telecoms outsource work and confidential info of the customers goes with that!

Its really very scary feeling when a foreigner needs to know your ssn dob address etc after u call the customer service number of your health insurance company!

[eyedharma-kwli]

they must match finger prints, would be smart

[djsargex]

Real businessmen and intelligent people always see further business opportunity in every dealing. But most people avoid going further because people intuitively mistrust people. There is far more money to be made when applying your mind together to a business strategy than a once off rip off. It always baffles me when ppl do not understand this is collectively the reasons why most ppl don't reach millionaire status in net worth. When it comes to banking I opened my first Swiss bank when I was about 26 in 2008. I would never leave my money in a third world country. Even buying property in a third world country is risky, for example, Sri Lanka. When living in such places it is a must that you know ppl from the underworld and high level ppl in the government, and you have to let ppl know you live by the gun. If you don't want to live like that best to pick a safer destination impov.

[beeb]

You gonna eastern Europe, you'll get eastern Europed.