50,000 Malaysians duped in Iraqi scam

PHOTO: Berita Harian

As many as 50,000 Malaysians have had their dreams of becoming overnight millionaires dashed after falling for an elaborate Iraqi currency scam, reported Metro Ahad.

According to the report, most of them had lost between RM500 (S$162) and RM20,000, paying inflated amounts for the Iraqi dinar after believing huge profits were guaranteed if the value of the currency improved.

Some have waited 11 years in vain for a supposed windfall.

They were told that each 25,000 dinar (S$30) note, purchased for RM100, would be worth millions after the turmoil in Iraq ended and when the currency was re-valued, the report stated.

Bukit Aman Commercial Crimes Department assistant director Asst Comm Najmi Mustaffa said this was a get-rich-quick scheme.

Asst Comm Najmi advised the public to be wary of investments that sounded too good to be true, the report said.

This, he said, included those which promised huge returns in a short period.