ALBAWABA -The Central Bank of Iraq issued a strongly worded warning to the public on Monday regarding the escalating financial fraud operations using counterfeit banknotes and commemorative coins to ensnare citizens in financial losses.
In an official statement, the bank's media office explained that its monitoring teams had detected suspicious activities by unscrupulous individuals seeking to exploit citizens under various pretexts and names. The statement emphasized the need for extreme caution to avoid falling victim to these criminal schemes.
The statement revealed four main methods employed by counterfeiting and fraud gangs in Iraqi markets:
1. One million dollar banknote scam:
A $1,000,000 banknote is being circulated as legal tender, when in reality it is merely a commemorative note with no monetary value. The Central Bank confirmed that the highest official denomination of the US dollar is $100.
2. Black Paper (Raw Dollars):
Promoting black paper scraps the size of dollar bills, deceiving victims into believing they are genuine $100 bills coated with a protective chemical that will revert to their original state after washing with a special solution. The bank emphasized that these claims are completely false and baseless.
3. Withdrawn and Replaced Currencies:
Selling banknotes from various countries that have been officially withdrawn from circulation and have lost their legal tender value. These are offered to victims for large sums of Iraqi dinars under flimsy pretexts and excuses.
4. Counterfeit Banknotes (Children's Toys):
Circulating counterfeit or printed banknotes (dollars and dinars) that resemble genuine currency but bear words like "model," "invalid," or "null." These notes are usually sold as children's toys, but fraudsters attempt to pass them off in the market as real currency.
