Exclusive Regular readers will be familiar with our ongoing coverage of variations on the 419 advance fee fraud scam. Occasionally, we report on people who have been suckered by the promise of riches beyond the wildest dreams of avarice - and duly fleeced for their trouble.

Two oft-posed question from readers are "how could they be so stupid?", and "surely everyone is aware of these scams by now?" Indeed, we have been accused in the past of carrying too much 419 coverage.

Sadly, though, it's clear that the 419ers continue to operate with considerable success. The following is an account of how one US citizen (we have called him DG) recently lost $1,000 to a UK-based 419 outfit who used a combination of plausible correspondence, phone calls and a fake bank website to reel in their victim. We have appended the full email correspondence between DG and the 419 gang to the end of this article. The 419 fraudsters have falsely used references in the correspondence to "HSBC Republic Bank Plc" and "Clive Bannister". We wish to make it clear that both HSBC and Clive Bannister who works for HSBC) have no involvement whatsoever with the correspondence outlined in this 419 scam.

On 22 June 2004, DG transferred his last $1,000 via Western Union to an unknown location within the UK. He believed that the money would be used to set up an account with United Mercantile Credit & Investment Bank (UMCIB) in London into which $8m would then be transferred.

The illicit funds were courtesy of one Moser Gilmore, who had sadly died intestate and left the booty sitting around in a European bank, just waiting for a willing partner to claim his share of the loot. The 419ers initially contacted DG purporting to be investigators looking for Gilmore's relatives - a classic approach.

DG took the bait and offered himself as a willing accomplice in the transfer of the funds. Inconveniently, though, UMCIB required an initial deposit of $8,000 to activate DG's account. DG could not himself raise the required funds but - believing that one of his "partners" - was willing to make up the difference - he duly parted with $1,000.

Shortly thereafter, DG received confirmation from his personal "Relationship Manager" at UMCIB - James Cole - that the $8m was resting in his account. All he now had to do was access it .

DG found this rather more difficult than he had expected, since he was unable to log in to UMCIB's e-banking system. And no wonder, because UMCIB is, of course, a bogus bank. Its website gives 232 Great Eastern Street, London EC2 as its location. The Royal Mail lists no such address and our man on the spot confirms that the street numbers end at 82. Neither is UMCIB registered with the Financial Services Authority.

The bank's blurb makes entertaining reading:

About UCMIB

Since 1994, UMCIB has constantly shown an ability to work as a financial partner and confidante to Heads of States, Diplomats, Businesses, Prominent Individuals, Companies, Conglomerates and Governments worldwide.

Using our specialised London offices and various affiliate offices across Europe, we are well equipped and positioned to meet the international banking needs of our clients offering them utmost confidentiality and privacy for both personal and tax purposes.

Clients interests are our paramount concern.

Clients of UMCIB, do not require authorisation under the Financial services and Markets Act 2000 and as such are entitled and qualify for the Financial services Compensation scheme. Copies of the banks last audited reports are available to clients only and are sent to you via secure courier in your welcome pack containing your account information cards, pin and cheque books.

We offer our clients the use of our exclusive debit cards and ATM cards in over 50 Countries worldwide and access to over 50,000 ATM machines globally.

Credit facilities may be provided but are subject to status and available to customers/account holders only.

We would only deal with a nominated attorney/next of kin of our clients, we do not entertain third party discussions on or about our clients from any Individual or organisation.

All very reassuring.

Interestingly, www.umcib.com is registered to one "Simon Williams" at an address in an Edinburgh housing block (pictured left). The contact mobile phone number for a "Simon Williams" is continually engaged. Local sources confirm that there is no Simon Williams officially registered as a tenant at the address.

The site appears to be hosted in California. We emailed the hosts for their comments but they have not as yet replied to our query.

Calls to UMCIB's number as listed on its website are met with an answerphone. We left a message for Mr Cole asking if he would be interested in handling a large sum of cash we had acquired from an arms deal in Sierra Leone, but he did not return our call.

We therefore decided to ring Mr Cole on his personal mobile and enquire about DG's $1,000 dollars. Cole asked us: "What does he want? Does he want his money back?" When we replied that he would probably welcome that, Cole said: "Ask him to put any complaints down in writing and I will consider it."

We then asked Cole where DG should send his complaint, since the address for UMCIB was clearly false. Cole expressed surprise, but quickly became somewhat frosty when we suggested that UMCIB did not exist at all and was, in fact, nothing more than a front for a Nigerian 419 fraud in which he was a key player. At this point Cole insisted: "I don't know what you're talking about," and rather rudely hung up.

We rang the UK's National High-Tech Crime Unit to get its feedback on the scam, but were told that it does not deal with 419 frauds - these are handled by local forces. In this case, however, since there are neither real premises nor any clue as to where DG's cash was collected, it's difficult to say which local force might be appropriate.

At the time of publication, an email to the Metropolitan Police's SCD6 Economic and Specialist Crime OCU outlining the details of the case remains unanswered.

In conclusion, we'd like to reiterate what the Met's site says: "If it sounds too good to be true, then it is!" DG has been taken for $1,000 dollars he can ill afford and has no chance of ever seeing again. He allowed his desire for riches to suck him into a scheme that - even if true - he must have known to be illegal. He has no recourse to law and the 419ers are laughing all the way to their bogus London bank.