Iraqi Dinar Scam

 The "Iraqi dinar scam" is a long-running investment fraud where promoters convince people to buy large quantities of Iraqi currency with false promises of an imminent, massive revaluation (RV) that would make them instant millionaires. This is widely considered a scam by financial experts and government agencies, including the FBI and the Better Business Bureau.

How the Scam Works

False Promises of "RV": The core of the scam is the claim that the Iraqi Dinar (IQD), which has a very low value relative to the U.S. dollar (currently around 1,300 dinars to $1 USD), will suddenly "revalue" to a much higher rate, sometimes promised at a one-to-one parity with the dollar. Financial experts state this is highly unlikely to happen in a way that benefits foreign investors.

Dealer Markups and No Exit: Currency dealers involved in the scam sell the physical dinars at significantly inflated prices and often refuse to buy them back, or only offer a fraction of the price they charged.

Exaggerated Insider Information: Promoters use online message boards, social groups, and fake "insider" sources (sometimes falsely claiming military or Wall Street credentials) to spread rumors and convince victims that the revaluation is "any day now".

Difficulty Exchanging: Most established currency exchange houses and U.S. banks do not convert Iraqi dinars to U.S. dollars, meaning the currency is essentially worthless outside of Iraq.

Targeting Vulnerable Investors: The scam often targets older individuals or those hoping for a "get rich quick" scheme, preying on their hopes for a massive, guaranteed return on investment.

Warning Signs

Guaranteed Returns: No legitimate investment can guarantee high returns with little to no risk.

"Secret" or "Insider" Information: Promoters often claim to have exclusive intelligence not available to the public.

High-Pressure Sales Tactics: Urging investors to act quickly before the "revaluation" happens.

Unregulated Sellers: Currency dealers and promoters often operate without being registered or regulated as securities brokers.

What to Do If You Are Targeted

If you are approached about an Iraqi Dinar "investment opportunity" or have already invested, experts recommend the following:

Consult a Trusted Financial Advisor: Speak with a legitimate, registered financial professional before making any decisions.

Report Fraud: If you believe you have been a victim of a scam, you can report it to authorities such as the FBI or your state's securities commission or Attorney General's office.

Be Aware of Recovery Scams: Be wary of people who contact you promising to help you recover lost funds from the dinar scam, as these are often "advance-fee" scams designed to steal more money from previous victims.