After the newspaper ads featured in USA Today and other major US newspapers, the popular Iraqi Dinar scam has moved to another country. Just when you thought it was safe for the US based investors, with all the warnings recently published by major media sources, the scammers have iraqi dinar found yet another country ripe for profit.
10,000 Iraqi Dinars selling at B$ 110 was the title of a recent ad than ran in a Brunei newspaper. And people are jumping on it like crazy. Rumors are the sellers have run out of stock in less than one week.
How could this be possible? Because they don’t know better. Ordinary people, people just like you and I read about this new investment in a newspaper they trust. The ad is claiming they’re sitting on a pot of gold, and the Iraqi Dinar is about to jump in value big time. They start dreaming about fast riches. They swipe out their wallet faster than the blink of an eye and hand their hard earned money to the scammers.
The truth? The current exchange rate as of today is approximately 1 USD for 1.63 BND (Brunei Dollars).
This means at the exchange rate set by the Central Bank of Iraq people could, in theory, get close to 100,000 Iraqi Dinars for the same BND 110. This is almost TEN times more the amount the scammers are selling it for. And people are jumping on it like crazy! Why? Because they don’t know better.
When they wake up later on and try to sell the dinars back they’re in for a big surprise. They can’t. Nobody is buying Iraqi Dinars. There’s currently no way for them to recover at most 1/10 from their investment except if they are willing to travel to Iraq to cash it in.
But first they have to wait and pray for the dinars to jump in value at least 10 times for them to merely recover their money back. By the way it looks now this sudden jump in value is not going to happen. Not today, not tomorrow, and neither in a month from now. It could happen in 3 years. Or 5 years. Or never.
Sad truth is people who were sold in at these rates were scammed. They were profited for their lack of knowledge. And the sellers knew exactly what the exchange rate was. They knew exactly what’s the potential for this type of investment. And the only potential it has right now is for them, the scammers, to get rich from selling Iraqi Dinars.