Iraqi Dinar Scam

Since: Feb 12

undisclosed USA

#1 Jun 13, 2013
It has just come to my attention that the "Iraqi Dinar Scam" is now alive and well in Carlsbad. All of my direct family lives there, and my very elderly (but fortunately, very well physically and mentally) mother may be a prime target for this scam, even if by otherwise well-meaning people who have been suckered themselves.

I believe this is simply another Ponzi scheme, a pyramid, where (maybe, but not guarantees) a very few "may" see a little of their money returned in the beginning, but virtually all will be dealt a sleight of hand that may very well ruin many of them for the rest of their lives.

This kind of fraud abounds everywhere, at all times and in many different disguises, but they're always the same. But what really gets me this time around is that (even if conducted by one of those well-intentioned suckers I mentioned above) is that it is involving people who are attending church and marketing this bogus BS to vulnerable people to people from THEIR VERY OWN CHURCH. I don't care if they are assuring people that their money is 100% refundable (which would be a surprise of the greatest magnitude even if THAT was true). I care about the fact that whether a scam artist is knowingly bilking the vulnerable or it's just a case of the person marketing the scam being one of those well-intentioned suckers who has himself or herself acting for the betterment of those who might just be as (I hate to say this) stupid as themself.

Have any of you heard of this (it's apparently been around a long, long time), or otherwise been solicited to participate in this charade?

I would like to know, and mainly want to alert ALL of you to the probability you're looking to get bilked. There is a lot of truth to that old adage "If it sounds too good to be true, it probably is".
I've attached only one link of many that tells you more about this.

http://www.forbes.com/sites/jayadkisson/2012/...

Meanwhile for those of you who are interested, I am selling shares in a grasshopper ranch that, for a mere $100.00 per share, is guaranteed to bring you a return of 1200% in just the first three months, with even greater returns assured afterward (and my guarantee to you is that your investment is 110% refundable if not satisfied). For those of you interested, kindly PM me so we can discuss this in a private, confidential environment. There is a per person limit of 1000 shares.
Really

Carlsbad, NM

#2 Jun 24, 2013
It is not a scam or Ponzi scheme to invest in another country's money, as long as you understand that the returns vary & may not be as big as one would like, as well as the risks of loosing all together. That one is taking the same chances as one would on Wall Street. Any investment is never, I repeat NEVER, a sure thing, it really is the same as gambling. The scam however comes in when the investors are promised a sure fire large return within x amount of time, guaranteeing they will become over night millionaires! If at anytime someone tries to get you to invest without thoroughly explaining the risks, & only promising return, STAY AWAY FROM IT! In short is getting folks to invest in Iraqi Dinar illegal? NO! Is it being done in an ethical & legal manor? If done as u are describing NO! If you are misunderstanding how its being done then you will feel guilty for slandering the one doing the selling, if you are right then thanks for the warning! And lastly befor doing any investing check with a qualified investment expert, NEVER take friends,family,(remember they are the worst as you never see it coming from them or want to believe they would do you wrong) or do gooders word for it if you do your only begging to be robbed!

Since: Feb 12

undisclosed USA

#3 Jul 1, 2013
Really wrote:
It is not a scam or Ponzi scheme to invest in another country's money, as long as you understand that the returns vary & may not be as big as one would like, as well as the risks of loosing all together. That one is taking the same chances as one would on Wall Street. Any investment is never, I repeat NEVER, a sure thing, it really is the same as gambling. The scam however comes in when the investors are promised a sure fire large return within x amount of time, guaranteeing they will become over night millionaires! If at anytime someone tries to get you to invest without thoroughly explaining the risks, & only promising return, STAY AWAY FROM IT! In short is getting folks to invest in Iraqi Dinar illegal? NO! Is it being done in an ethical & legal manor? If done as u are describing NO! If you are misunderstanding how its being done then you will feel guilty for slandering the one doing the selling, if you are right then thanks for the warning! And lastly befor doing any investing check with a qualified investment expert, NEVER take friends,family,(remember they are the worst as you never see it coming from them or want to believe they would do you wrong) or do gooders word for it if you do your only begging to be robbed!
I was very polite in suggesting that the person in question may very well have been duped into believing so completely in what he was selling (although I didn't say I doubt it is true, which I do).
No slander at all.

This week is when the "payoff" is due. Let's sit back and watch the money flow back into the hands of the "investors" at the sums reputed to be.

I do agree with this from your post above:

NEVER take friends,family,(remember they are the worst as you never see it coming from them or want to believe they would do you wrong) or do gooders word for it if you do your only begging to be robbed!
Read more at http://www.topix.com/forum/city/carlsbad-nm/T...

Somebody is about to be fleeced.
Question

Casa Grande, AZ

#4 Jul 1, 2013
Can you name the church please? CCF? maybe?
Really

Carlsbad, NM

#5 Jul 2, 2013
You mean rv? There can be no promise of any certainty of when a country's monetary system will rv. The advisors can look at what is going on and predict a possible date, but to make a promise of certainty, not possible. Especially with a country that is still in internal turmoil . I read the article you linked to. & it mentioned the investors relating the Iraqi dinar to Kuwaits dinar. The difference between the 2 was Kuwait was an invaded country that was more than willing to get back to peaceful times and rebuild its stability, so far Iragi shows no signs of even being willing to do so. This comparison is like milk & water. Milk has vitamins & calcium, water not so much. Ie if one is using this as a reason to believe in a substantial return, they may have to be prepared to wait a while.as with all investing patience is the key, you never sell of your shares while low you wait until they rebound! Common law of investing. Of course being wise enough to study your options and not jump at just anything is the main key. Never leap before looking you' ll end up regretting the out cone! Ie when investing use common sense not someone's word or that so called all knowing gut feeling!
bet my life

Tucumcari, NM

#6 Jul 2, 2013
My edlery parents are saying they bet there life that they are going to be millionairs..two weeks ago..they dont have alot of money but are waiting on pins and needles to cash in on their dinars!!They invested two years ago and still believe in it..They are sitting by there computer daily to watch for when they need to go cash in...they have their clothes packed and in the car and stopped doing much at all because they are waiting..anyday to be Rich!Now if they arent being scammed they sure are investing alot of their precious last years of their life waiting on this..It makes me angry that people pray on the elderly like this..yes im sure currency trading is legit..but these gurus are making them promises that has litterly put there lives on hold..It is sad and I cant seem to change there mind no matter what I tell them or show them warnings about this SCAM!!
NicolasKL

Lovelock, NV

#7 Jul 2, 2013
It's not a pyramid or ponzi scheme, but it's definitely a scam.

Buying the currency of a foreign country isn't a scam, but paying 20-50% plus premiums for it because someone (either a well meaning ignoramous, or an unscrupulous con man) told you a bunch of nonsense about it increasing in value by tens of thousands of percent most definitely IS a scam.

There's absolutely zero legitimate reasons the Iraqi currency would undergo a large increase in value. It's incredibly unlikely it'll even go up 50% over the next decade, let alone the 100,000% in the next week that most of these fools believe.

Iraq's currency is worth right about what it should be. There are two VERY simple ways to prove this:

1. Divide their foreign reserves (80 billion USD in value at most) by their money supply (M2, around 75 trillion dinar) and you get about 0.001. Right around what their currency is worth. That isn't a coincidence.

2. Take the TOTAL value of Iraqs currency (their 75 trillion M2 multiplied by the value of each dinar, 0.0086) and you come up with about 65 billion dollars. Now look at their GDP. It's around 120 billion dollars. That's about a .5 ratio of M2 to GDP. Now look at that same ratio for neighboring countries. They'll all be about the same, somewhere between .4 and .7 or so.

Iraqs country is worth right about what it should be. Sure, it could go up 10 or 15 or 20%. That will leave most people, that paid spreads of 20 or 30 or 50%+, high and dry. The chance of the dinar increasing in real value by even 100% in the short term is zero.
Money Maker

Carlsbad, NM

#8 Jul 3, 2013
I would give a week's pay to a hottie who tried to scam me.....in the nude!!!! Money well spent!

Since: Feb 12

undisclosed USA

#9 Jul 4, 2013
Question wrote:
Can you name the church please? CCF? maybe?
Out of respect for my family members and their opinions of the individual with whom they dealt, I am not at liberty to disclose the names of any parties.

I honestly don't know if this "investment opportunity" goes all the way to the top of the church in question, or how many church members have been approached or have "closed on a transaction". My family seems to have very long term ties to a particular party who has been transacting these exchanges, and appear to have an unshakable faith in him.

But I'm happy that, although slow, this thread has resulted in a few well-reasoned views - and helped expose something that everyone should think long and hard about before committing themselves should they find themselves approached with this "overnight millionaire" hustle.

It may prove very helpful to google "iraqi dinar guru" and such who are at least in part behind this/these scheme/s, and to google "iraqi dinar scams" and "Vietnamese dong scams".

There's some heartless people out there, folks!
curious

Fuquay Varina, NC

#10 Aug 21, 2013
a lot of people are going to be crushed by the hammer of liars and scammers...Don't invest more than you can afford to loose..I myself bought a few hundred dollars worth but everyday I wonder was I scammed by the dinargurus..If it happens all well and good if not so what I didn't rob the bank to get the money..lol
Youu

Lovington, NM

#11 Aug 22, 2013
curious wrote:
a lot of people are going to be crushed by the hammer of liars and scammers...Don't invest more than you can afford to loose..I myself bought a few hundred dollars worth but everyday I wonder was I scammed by the dinargurus..If it happens all well and good if not so what I didn't rob the bank to get the money..lol
Screw the dinar you need to invest in the Yuan.
Hussein Ali

Burton, TX

#13 Sep 4, 2013
I will not say it is or it is not, In 2008 was 1 USD exchange for 1260 ID / 2012 1 USD exchange for 116 ID in just four years,so it is not scame, and when they revaluate the ID they will not give just one month and any one can just take his IDs and go to the north of Iraq and exchange them ,The gold companies for sure they will not like invest in Iraqi dinar, no one gave good reason to not invest in Iraqi dinar, Iraq has the second oil reserve in the world sooner or later the Iraqi dinar gose back to 1ID exchange for 3.25 USD and don't tell me that it was because Saddam wanted that, because he was buying things like weapon for this exchange from the big economy contries like Russa and USA, it is slow but it gonna happen, ther is a lote reason they dont wanna people know about that like the gold people, rich people stay rich and other stay just money machine makers, if we compare why and why not we found the reasons for invest in Iraqi dinar really strong against why not who keep saying the Iraqi dinars dealers notregistered, Mean yes they are dealer and they go around stuff to make more money like cars dealers or big bank they do this in hidden ways, if somone ask why the big banks don't invest in ID it easy to find the answer.
Danny

San Jose, CA

#14 Sep 12, 2013
Exchange rate is 1166 dinar to 1 US dollar today 9/12/2013 it is a scam.
Hussein Ali wrote:
I will not say it is or it is not, In 2008 was 1 USD exchange for 1260 ID / 2012 1 USD exchange for 116 ID in just four years,so it is not scame, and when they revaluate the ID they will not give just one month and any one can just take his IDs and go to the north of Iraq and exchange them ,The gold companies for sure they will not like invest in Iraqi dinar, no one gave good reason to not invest in Iraqi dinar, Iraq has the second oil reserve in the world sooner or later the Iraqi dinar gose back to 1ID exchange for 3.25 USD and don't tell me that it was because Saddam wanted that, because he was buying things like weapon for this exchange from the big economy contries like Russa and USA, it is slow but it gonna happen, ther is a lote reason they dont wanna people know about that like the gold people, rich people stay rich and other stay just money machine makers, if we compare why and why not we found the reasons for invest in Iraqi dinar really strong against why not who keep saying the Iraqi dinars dealers notregistered, Mean yes they are dealer and they go around stuff to make more money like cars dealers or big bank they do this in hidden ways, if somone ask why the big banks don't invest in ID it easy to find the answer.
Danny

San Jose, CA

#15 Sep 12, 2013
It is a scam , exchange rate is 1166 Dinar to 1 US dollar according to the Central Bank of Iraq official website 9/12/2013

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