Categorized | Banking & Finance
Japanese Iraqi Dinar Scam
Posted on 26 October 2010. Tags: IQD, iraqi dinar, Japan
Bloomberg reports that Japanese consumers are being warned about an investment scam selling Iraqi dinar on predictions the currency will surge in value.
A man in western Japan spent 2 million yen ($25,000) to buy 500,000 Iraqi dinar ($428) after a caller recommended buying the currency because it was expected to gain as much as 30-fold, the National Consumer Affairs Center said on its website. The man, whose attempts to get a refund were unsuccessful, was among more than 200 people who bought the currency, the posting said.
A quick calculation shows that even a 30-fold increase would still have left the man down 50% on the deal.
“In most cases, the exchange rate is extremely bad,” Ryota Kato, a spokesman for the center, told Bloomberg by telephone. “And you wouldn’t be able to exchange the dinar back into yen because currently no Japanese bank will accept
Japanese Iraqi Dinar Scam
Posted on 26 October 2010. Tags: IQD, iraqi dinar, Japan
Bloomberg reports that Japanese consumers are being warned about an investment scam selling Iraqi dinar on predictions the currency will surge in value.
A man in western Japan spent 2 million yen ($25,000) to buy 500,000 Iraqi dinar ($428) after a caller recommended buying the currency because it was expected to gain as much as 30-fold, the National Consumer Affairs Center said on its website. The man, whose attempts to get a refund were unsuccessful, was among more than 200 people who bought the currency, the posting said.
A quick calculation shows that even a 30-fold increase would still have left the man down 50% on the deal.
“In most cases, the exchange rate is extremely bad,” Ryota Kato, a spokesman for the center, told Bloomberg by telephone. “And you wouldn’t be able to exchange the dinar back into yen because currently no Japanese bank will accept