The National Insurance Commission (NIC) has uncovered the activities of an alleged highly sophisticated fake insurance company, believed to be operating in the country and has succeeded in defrauding unsuspecting customers of monies running into billions of cedis. The company, Fidelity Insurance Company, which has also faked the logo of Star Assurance Company, according to the regulator, is not registered in its books and warned patrons of insurance companies to be wary of the said company. Its cover was blown up last week when one of its victims, an American, Gray Frazier sent an e-mail with a copy of the international insurance certificate attached seeking confirmation about an insurance policy that the company's lawyer was purported to have handled for him (Gray) in West Coast, Ghana. Under the terms of the agreement signed by Matthew Dooki, Director of Commercial Services, the company claimed that it is an Insurance Company authorized by the Government of Ghana and it has accepted to provide a comprehensive insurance coverage under "the Goods in Transit Policy." ''The Goods in Transit & Sales Policy cover shall protect while Fidelity Insurance Company Limited" shall bear responsibility for safe passage and delivery of 29kg of Alluvial Gold Bars in a trunk box marked GRAY FRAZIER which was declared as family Treasure valued US$348,OOO," the certificate made available to B&FT said. Market operators alarmed at this development told B&FT that "this is a serious matter" and urged the regulator and the security agencies to act quickly not to tarnish the reputation of the 1 trillion-cedi asset based industry. Mr. Frazier described the deal as a bad business practice which had made him lose some money and stressed the need for such fake people to be identified and apprehended. The regulator told B&FT it was considering a number of strategies and options to ensure that the industry is made unattractive for such fraudsters from engaging in any such activity. "Customers are of paramount concern here and all lawful means will be employed to bring the perpetrators of this fraudulent activity to book."