How Rotterdam Became a Hotspot for Oil Storage Fraud — And How TCT Is Fighting Back
- 4 days ago
- 3 min read
This is a report by: Editor Nieuwsuur, Floor Ligtvoet & Reporter Nieuwsuur, Mark Schrader
The Rotterdam port is one of the world’s most important energy hubs — but in recent years, it has also become a breeding ground for a new and highly sophisticated form of international fraud. Criminal networks are exploiting the complexity of global oil trading by selling non‑existent oil storage, costing traders millions.
A recent investigation by NOS Nieuwsuur revealed the scale of this growing problem — and prominently featured TCT The Commodity Traders, whose founders have become key figures in exposing and preventing these scams.
A New Kind of Fraud: Fake Oil, Fake Storage, Real Losses
The scheme is deceptively simple: Fraudsters convince traders to pay for oil storage in the Rotterdam port — but the oil doesn’t exist, the tanks don’t exist, and the documents used to “prove” the deal are completely fabricated.
These scams often involve:
Fake storage contracts
Forged terminal documents
Professionally cloned websites
Misused names of real employees at legitimate storage companies
What started as clumsy attempts in 2011 has evolved into a highly professionalized criminal industry, boosted by AI‑generated websites and documents that are nearly indistinguishable from the real thing.
Millions Lost — And Many Cases Go Unreported
According to the investigation, traders have lost hundreds of thousands to millions of dollars per case.
One trader, Atif Aslam, paid nearly $1.5 million for oil storage that turned out to be entirely fake.
The Dutch Public Prosecution Service admits that tracking down the perpetrators is extremely difficult, especially because both scammers and victims are often located abroad. As a result, many cases never lead to prosecution.
Even worse: many victims never report the fraud at all, fearing reputational damage.
Where TCT Steps In: Exposing Fake Deals Before Money Is Lost
This is where TCT The Commodity Traders plays a crucial role.
Roger Berk and Peter van Buuren — co‑founders of TCT — are the driving force behind StorageSpoofing.nl, a fraud‑alert platform created in collaboration with:
The Port of Rotterdam
The Seaport Police
The Dutch storage industry association
TCT The Commodity Traders
Their mission: warn traders before they fall victim.
According to the NOS report:
In the previous year, the platform registered $10 million in confirmed fraud payments.
This year, the counter already stands at $2.2 million.
TCT alone has prevented nearly $1.3 billion worth of fraudulent deals just this year by identifying fake offers before traders paid.
Every day, TCT receives new suspicious deals from traders worldwide — and many of them are caught just in time.
A Growing Blacklist of Fake Websites
StorageSpoofing.nl now maintains a blacklist of more than 1,400 fraudulent websites, many of them cloned versions of real oil and storage companies.
A recent analysis showed:
40% registered in the United States
30% in Russia
10% in the Netherlands
And the list keeps growing.
Even major storage companies like Standic and the Port of Rotterdam have had their names and employees impersonated in forged documents.
The Human Impact: Trust Erodes
At TCT, we believe transparency, reliability, and collaboration are essential for a healthy commodity market.
For traders like Aslam, the damage goes beyond financial loss. After losing over a million dollars, he told Nieuwsuur he would never again store oil in Rotterdam — a sentiment that highlights the broader reputational risk for the port.
Why TCT’s Work Matters
In an industry built on trust, documentation, and speed, fraudsters exploit every vulnerability.
TCT’s work is essential because:
They identify fraudulent deals before money changes hands
They educate traders on red flags
They collaborate with authorities and port officials
They maintain the world’s most comprehensive blacklist of fake storage websites
They help restore trust in the Rotterdam energy market
TCT has become one of the leading global voices in combating storage spoofing — and the NOS feature underscores just how critical their role has become.
Conclusion: A Safer Future for Oil Trading
Oil storage fraud is evolving rapidly, but so are the defenses against it. Thanks to organizations like TCT The Commodity Traders, more traders are being warned in time, more fraudulent networks are being exposed, and the industry is becoming better equipped to protect itself.
The fight isn’t over — but the work being done today is preventing millions in losses and safeguarding the integrity of one of the world’s most important trading hubs.
Want to learn more?
Visit the joint platform: www.storagespoofing.nl
Or contact TCT for information about due diligence, fraud prevention, or secure trading processes.
Source:
Original announcement by NOS (in Dutch):
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