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Professor, I know one type of fraud but I am unable to figure its name. I have explained with help of an example.
For example, I work in car showroom and I asked customer to pay me amount for pre-booking of his car. The amount paid by him, was to be paid to car manufacturer on the day of delivery. Till then, I invested the amount to earn interest on it. Later on, the date arise so I paid the principle amount to car manufacturer whereas I enjoyed the interest.
Is it teeming and ladding? Or it is any other type of fraud. Please guide.It’s not teeming and lading. I’m not sure it is any sort of fraud unless there had been an agreement to pay the interest to the car buyer. It is normal for companies to invest surplus funds to earn interest and those funds can be caused by deposits received from customers.
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