Police and Government have issued a warning to the public about a dangerous scam circulating by e-mail which offers receivers a slice of $40 million in exchange for bank account details.

The e-mail, which claims to come from Dr. Usman Bello from the Government in Nigeria, asks for use of the recipient's bank account in exchange for 25 to 30 percent of money deposited there and claims to be "risk free''.

It is the latest in a long line of letters, e-mails and faxes targetting Bermudians from Nigerian con artists asking for personal information such as bank account details that have been circulating since 1995.

The e-mail, which started circulating on Sunday and yesterday, has also been sent in response to electronic adverts placed on 4sale.bm, which is a Bermuda web classified site, as well as appearing on Yahoo e-mail inboxes.

It has as its subject `very urgent' and urges the recipient not to divulge the contents to anyone, stating: "Please note this deal needs utmost confidentiality.'' It is headed "request for urgent confidential business relationship in respect of the transfer of US$40,000,000.00 (forty million united states dollars only).'' Police said last night: "The Commercial Crime Unit is indeed familiar with relatively recent emergence of using block e-mail for what is described as `advance fee fraud letters' from Nigeria.

"They are very similar to the more traditional Nigerian letters that have traditionally circulated in Bermuda (via mail) for years, and that have solicited private details from addressees. Again, police are urging vigilance and advise members of the public not to communicate in any way with the originators. Certainly, as always, Police would advise persons not to divulge their bank account details.'' A Government spokesman said: "You cannot use the Internet for long without realising there are lots of people out there looking for an opportunity to pick your pocket.

"People should use their common sense -- a good rule of thumb is that if it sounds too good to be true, it almost certainly is not true.

"Under no circumstances should anyone give his or her bank account number or credit card number to a stranger, especially a stranger who promises you will receive a large sum of cash in return. Anyone who does is likely to get a very nasty surprise.'' High-tech fraud revealed The letter by e-mail states: "I, on behalf of my other colleagues from different Federal Government of Nigeria owned parastatals decided to solicit your assistance as regards the transfer of the above stated amount into your bank account.'' The e-mail goes on to say that the money has come from the "over-invoicing'' of contracts to foreign contractors "some time ago''. It adds: "We as holders of official positions in our various parastatals, were mandated by this new civilian government to scrutinise all payments made to certain foreign contractors by the past military government and we discovered that some of the contracts they executed were grossly over invoiced, either by omission or commission.'' The letter adds that they have also discovered $45 million in a suspense account, and stated that all contractors were paid in full. It then adds that the sender wished to transfer the excess into a foreign bank account "for our own use''.

"The code of conduct of the Federal civil service does not allow us to operate foreign accounts.'' It goes on to say that they had already set up such a deal with someone in Geneva last week for $5 million, but that person absconded with the money.

"We are therefore seeking your assistance based on the balance amount of $40 million which can be speedily processed and fully remitted into your nominated bank account. On successful remittance of the fund into your account you will be compensated with 25 percent of the amount for assistance and services and 5 percent set aside for expenses contingency while 70 percent is for me and my colleagues.

"This transaction if closely knitted and in view of our sensitive position we cannot afford a slip, I assure you that this transaction is 100 percent risk free.'' It says the group will reveal their identities and respective offices once a relationship is established. A fax and telephone number is given as a contact number.

According to Chris McLeod of 4sale.bm this is not the first time such e-mails have gone into circulation.

But he said as soon as the company discovers what is happening, it blocks the sender from its system, but as the site is open to all e-mails, all the fraudsters have to do is set up another e-mail address and use that.

"We had this problem a few months ago, and blocked the address,'' said Mr.

McLeod. "Anyone can respond to any advert posted, it is like a newspaper in that respect. We cannot vet every ad that is answered, it would not be practical. It is a bit `caveat emptor' (let the buyer beware). These e-mails are not solicited by us.'' Mr. McLeod said that anyone receiving any kind of suspect e-mail through 4sale.bm should contact them so they can stop the sender from issuing more e-mails.