CBI Warns Of Fraud Schemes Involving Various Banknotes
Baghdad – INA The Central Bank of Iraq on Monday warned of fraud and scam operations being carried out using different types of banknotes.
In a statement received by the Iraqi News Agency (INA), the bank’s media office said it had detected several fraud schemes carried out by individuals seeking illicit financial gain, urging citizens to exercise caution to avoid falling victim to such practices.
The bank explained that the most prominent schemes observed inside Iraq include the sale of a so-called $1,000,000 banknote presented as legal tender, when in fact it is merely a non-circulating commemorative note. It stressed that the highest denomination of U.S. currency in circulation is the $100 bill.
It added that scammers are also promoting black-coated paper cut to the same dimensions as a $100 bill, falsely claiming the notes will return to circulation once the black substance is removed—an assertion the bank categorically denied.
The statement further noted that fraudsters are circulating withdrawn foreign banknotes that no longer hold any monetary value and exchanging them for Iraqi currency at inflated amounts using various deceptive pretexts.
It also warned against counterfeit or printed dollar and dinar notes marked with terms such as “specimen,” “invalid,” or similar labels, often marketed as genuine currency despite being intended only as toys or samples.
The Central Bank confirmed that the relevant authorities have been notified to prevent the printing or import of such materials into Iraq. https://ina.iq/en/economy/45673-cbi-warns-of-fraud-schemes-involving-various-banknotes.html