Japan Investors Duped Into Buying Iraqi Dinar as U.S. Withdraws

[Don Paul]

this is what gives the dinar speculaing the 'scam' flag and generally a bad name... it proves the Iraq Dinar is getting attention worldwide, good or bad - and whenever that happens there are snakes in the grass...

http://www.bloomberg.com/news/2010-10-26/japanese-investors-duped-into-buying-iraqi-dinar-as-u-s-troops-withdraw.html

[I AM WEASEL!!!]

seems to me once again people are getting caught up in the fast cash game and not having zen-like patience.sat on the dinar a few weeks or so and got discouraged i imagine

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.

Edited October 26, 2010 by I AM WEASEL!!!

[cgbrown]

Japan Investors Duped Into Buying Iraqi Dinar as U.S. Withdraws

Japanese consumers are being warned about an investment scam promoting the purchase of the Iraqi dinar on predictions the currency will surge in value as U.S. combat troops withdraw from the country.

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.

“In most cases, the exchange rate is extremely bad,” Ryota Kato, a spokesman for the center, said yesterday by telephone. “And you wouldn’t be able to exchange the dinar back into yen because currently no Japanese bank will accept it.”

The Central Bank of Iraq exchanges 1,170 dinar for 1 U.S. dollar, according to its website, a rate that has been in place since early 2009. An Iraq government spokesman said in April the country has no plans to stop linking its currency to the dollar.

Kato said the center received 368 inquires about Iraqi dinar in the nine months ended September, compared with four for all of last year. Among the 202 people who said they purchased the currency, the average investment was 3.5 million yen.

“One person spent 20 million yen buying dinar,” said Kato, adding that the elderly have been targeted. Consumers are also advised to take precautions if asked to buy the Sudanese pound, he said.

“Our organization can’t judge whether these transactions are fraudulent, but you should be very careful when you deal with currencies that have low liquidity,” Kato said. “We’re still getting many inquiries.”

To contact the reporter on this story: Masatsugu Horie in Osaka at mhorie3@bloomberg.net

Sure makes it look like a scam doesn't it.

[Frank61]

this is what gives the dinar speculaing the 'scam' flag and generally a bad name... it proves the Iraq Dinar is getting attention worldwide, good or bad - and whenever that happens there are snakes in the grass...

http://www.bloomberg.com/news/2010-10-26/japanese-investors-duped-into-buying-iraqi-dinar-as-u-s-troops-withdraw.html

The article is already assuming that these folks who invested have lost their money !! Based on what facts ?? Typical financial world hype to scare everyone. Shame on Bloomberg ......again !!

[muchodinaro]

These kind of stories just make me believe in this investment wholeheartedly. I truly believe the RV is now upon us. These type of stories are meant to scare people away from the dinar, and they will be successful in their attempt. It also serves to make present investors very nervous ( some people will bale ), and accept whatever the RV rate comes out at. You can just bet if the RV came out at .10 more than half of the investors will go all in. Not me! Scooter said that there will be all kinds of stories such as this before the RV happens. I think it is RV time! JMHO.

GOOOOOOO RV/RI

Muchodinaro

[jack]

That is surprising Bloomberg would run that story. Maybe Bloomberg should contact CNBC and ask them what they think "Trade the Dinar" - Airtime: Wed. Oct. 28 2009 - CNBC - Erin Burnette and Cramer @

http://www.cnbc.com/id/15840232?video=1311362126&play=1

[DaveH]

25k for half a million dinar? yup that is a scam for sure

[Trill]

That is surprising Bloomberg would run that story. Maybe Bloomberg should contact CNBC and ask them what they think "Trade the Dinar" - Airtime: Wed. Oct. 28 2009 - CNBC - Erin Burnette and Cramer @

http://www.cnbc.com/id/15840232?video=1311362126&play=1

notice how the lady in the interview said she would show the dinar but she had already took hers home.......just shows how even the people that broadcast it on the media are the same ones investing in it....i aint falling for no false reports....im gonna be here til its over

[jennowens98]

Sounds like a load of bull to scare away people from the dinar. Just my opinion.

Go RVVVVVVVVV!

[cris]

sorry....dont feel bad about people who dont do a tiny bit of research before investing in anything.....a fool and his money are soon parted

[Ftworth]

Wait till the RV really happens and say it's 1 IQD for 1 USD and then people will rush to help out , by giving him back his 25,000 usd for the 500,000 Dinar, but it will be some Goverment agency to the rescue and the quote then will "we are here to Help" and "Thank Goodness we got him his money back!!"

Saved him from the hassles of a $475,000 profit

[gman51]

The article is already assuming that these folks who invested have lost their money !! Based on what facts ?? Typical financial world hype to scare everyone. Shame on Bloomberg ......again !!

The article said that one Japanese man tried to sell his dinar back and was unsuccessful. Think about it, where could we sell our dinar right now, without taking a big loss, if we wanted to. That is where the description of a scam comes from. I'm not saying I agree with them, but I do see their point of view. I bought mine from Chase bank years ago, but they no longer handle Iraqi Dinars. My wife and I got into a bind last year and tried to sell some our Dinar. Could not get rid of a single Dinar. What does that mean? I'm just sayin!

[Don Paul]

thats the point im trying to make.

some people on this board have said that someone told them dinar is a scam.

I would ask them to explain 'scam'. If scam is that the dinar is getting so much attention that people are suseptible to be scammed by something they have heard on the 'rail' about Dinar but havent done their own investigation, so be it. You could replace the word Dinar or say, Gold, or xbling or whatever. It proves even more that the reality of the Dinar is reaching worldwide audience, and that that using the word SCAM along with Dinar has more to do with the UNEDUCATED consumer being scammed to pay more for it, in this case, an incredible 2000% over the going rate to people than the Dinar itself being the problem...