BNM statement about Kyat Myanmar

Many readers keep on asking the same question almost everyday at Bank Negara Malaysia (BNM) official Facebook. Many Malaysian think that with a recent Kyat Myanmar RV, they can gain some profit from their Kyat investment. BNM is not dealing with Foreign Currency Exchange, they're Malaysian Central Bank, not a money changer. For readers who don't understand about the recent RV on 4 April 2012, it only bring the Kyat value to semiofficial free market rate. For a layman, its mean Central Bank of Myanmar is using Kyat real market price used on the street by real Myanmar people, this mean if you have 5000 kyat notes, you will have a value of only 6.11 dollars. If you have 5000 Myanmar Kyat the value will be RM18.64 (Read my post about Kyat Myanmar RV to learn more about the currency exchange for Kyat).

Here are some of the screen shots for BNM statement regarding Kyat:

1. The correct Kyat RV exchange rate is 100MMK=MYR0.3728.

2. 1000 Kyat equivalent to RM3.73.

3. BNM don't buy Kyat Myanmar.

I had been advising people about Kyat Myanmar investment before, it just a way to gain profits for dealer who sell you Kyat Myanmar. No Bank or Money Changer in Malaysia except Kyat Myanmar. Stop dreaming about gaining a quick cash from currency investment lika Kyat and Iraq Dinar. It is a scam by irresponsible dealer who are mostly don't register with BNM (You need to register with BNM to do foreign currency exchange). Maybe one way you can do to gain back your money, is to force the dealers to buy the Kyat Myanmar from you and tell him/her you will report about them selling a foreign currency without license. You can contact BNM to make a report at:

BNMTELELINK
Jabatan Komunikasi Korporat
Bank Negara Malaysia
P.O.Box 10922
50929 Kuala Lumpur

Tel: 1-300-88-5465 (LINK)
Fax: 03-2174 1515
E-mail: bnmtelelink@bnm.gov.my

BNMLINK and BNMTELELINK operating hours are from:
Monday - Friday, 9.00 a.m. - 5.00 p.m.

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Myanmar Kyat RV

I am looking at BNM Facebook Page today and many are asking how much is the new exchange rate for their Myanmar Kyat banknotes. Most of you must already knew that Myanmar Kyat RV on 2 April 2012. Central Bank of Myanmar has released official Reference Foreign Exchange Rates as of 2 April 2012 in their website. The reference exchange rate of the kyat for account transactions against the U.S. dollar is based on the auctions conducted by the Central Bank of Myanmar and authorized domestic dealer banks. Central Bank of Myanmar said the price of the exchange will be done daily and the central bank will intervene to prevent big fluctuations. Before this, Myanmar Kyat was peg of 6.4 kyat to the US dollar. The new rate is very close to semiofficial free market rate.

Reference Foreign Exchange Rates as of 2 nd April 2012:

• United States Dollar: USD1=K818.
• Euro: EUR1=K1063.4.
• Singapore Dollar: SGD1=K638.40
• Pound Sterling: GBP1=K1309.2
• Swiss Franc: CHF1=906.57
• Japanese Yen: JPY100=K984.06
• Australian Dollar: AUD1=K853.19
• Bangladesh Taka: BDT1= K10.001
• Brazilian Real: BRL1=K447.82
• Brunei Dollar: BND1=K652.86
• Cambodian Riel KHR100=K20.497
• Canadian Dollar: CAD1=K821.08
• Chinese Yuan: CNY1=K129.88
• Czech Koruna: CZK1=K44.020
• Danish Krone: DKK1=K146.69
• Egyptian Pound: EGP1=K135.50
• Hong Kong Dollar: HKD1=K105.35
• Indian Rupee: INR1=K16.079
• Indonesian Rupiah: IDR100=K8.9458
• Israeli Shekel: ILS1=K220.44
• Kenya Shilling: KES1=K9.8510
• Korea Won: KRW100=K72.521
• Kuwaiti Dinar: KWD1=K2945.6
• Lao Kip: LAK100=K10.242
• Malaysian Ringgit: MYR1=K268.24
• Nepalese Rupee: NPR1=K10.070
• New Zealand Dollar: NZD1=K672.34
• Norwegian Kroner: NOK1=K143.71
• Pakistan Rupee: PKR1=K9.0267
• Philippines Peso: PHP1=K19.054
• Russian Rouble: RUB1=K27.898
• Saudi Arabian Riyal: SAR1=K218.12
• Serbian Dinar: CSD1=K9.7930
• South Africa Rand: ZAR1=K106.63
• Sri Lanka Rupee: LKR1=K6.3782
• Swedish Krona: SEK1=K123.69
• Thai Baht: THB1=K26.589
• Vietnamese Dong: VND100=K3.9264

This mean if you have 5000 kyat notes, you will have a value of only 6.11 dollars. The price changes everyday, today (4 April 2012) it change to 820 per 1 USD. You can check it at Central Bank of Myanmar website; www.cbm.gov.mm. For Ringgit Malaysia, if you have 5000 Myanmar Kyat the value will be RM18.64.

To all the currency investor, If you expect Myanmar Kyat RV will make you a millionaire, please stop dreaming about it. Some of you might be getting a huge lose because buying Myanmar Kyat from irresponsible currency trader. You can also read my post about Myanmar Kyat; Where to exchange Myanmar Kyat.

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Fake MNS Certificate

I think many of you already read Sifu Dickson Niew post about Fake Malaysia Numismatic Society (MNS) certificate for Sapuloh Watermark agong banknote. If you have not read it, you can go to his blog post; FORGERY OF MALAYSIA NUMISMATIC SOCIETY CERTIFICATES. That girl don't just using MNS name but also Jabatan Warisan Negara and Bank Negara Malaysia logo. This is a serious offence in Penal Code under Chapter XVIII since she is deceiving people by using society and government agencies names/logo; using a Malaysia Numismatic Society name registered with ROS (Registrar of Societies), most probably fake signature by MNS late President Mr. E. E. Sim (who was a judge and the Registrar of the High Court), Using BNM (Bank Negara Malaysia) logo and also using Jabatan Warisan Negara name without their consent.

Fake MNS Certificate

Bank Negara Malaysia logo

Jabatan Warisan Negara

Provision in Penal Code:
Making a false document
464. A person is said to make a false document—

(a) who dishonestly or fraudulently makes, signs, seals or executes a document or part of a document, or makes any mark denoting the execution of a document, with the intention of causing it to be believed that such document or part of a document was made, signed, sealed or executed by, or by the authority of a person by whom or by whose authority he knows that it was not made, signed, sealed or executed, or at a time at which he knows that it was not made, signed, sealed or executed;

(b) who without lawful authority, dishonestly or fraudulently, by cancellation or otherwise, alters a document in any material part thereof, after it has been made or executed either by himself or by any other person, whether such person be living or dead at the time of such alteration;or

(c) who dishonestly or fraudulently causes any person to sign, seal, execute or alter a document, knowing that such person by reason of unsoundness of mind or intoxication cannot, or that by reason of deception practised upon him he does not, know the contents of the document or the nature of the alteration.

A friend asked me yesterday if I ever seen such thing before. This is a first time it came with MNS certificate, I have seen a Sapuloh Watermark Agong with a certificate signed by Silat Mahaguru/Pawang/Bomoh before. These kind of people are so desperate to sell their item and capable to fake a document, as long as they can sell their item. I hope MNS, BNM and Jabatan Warisan Negara will take firm action to these people. To anyone who have bought a Sa-puloh Watermark Agong with a fake certificate from MNS, you need to report it to your nearest police station since it is also an offence to own such false document.

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Malaysia online sellers scam list

This is a Malaysia online sellers scam list. Online seller mean that guy/girl is selling their item via internet in  Blogshop, mudah.my, lowyat forum, lelong.com.my, eBay Malaysia or Facebook. Scam mean the seller already received payment but don't send his item to buyer. They're also some case the seller send stone, old newspaper and even a letter to the buyer, not the item as what they advertise on the net. I am compiling this list to make sure no other new buyer get cheated by this scammer. This list intended for online seller who sell banknote, coin, stamp or any related numismatic items. Most of the time, these fraudster can gain their income because they're offering their item at a very cheap price and we are greedy. I have wrote an article on how to make sure you're not cheated by these online scammer here; How to detect online Seller Fraud? 

1. Mohd Rizal Shah

Police report number: PANTAI/003431/12
Police station: Sea Park, Petaling Jaya.
Name: Mohd Rizal Shah
Online ID: Facebook: Братства Яехрестог
Identity Card Number: 900209-11-5357
Home Address: -
Working Address: 88, Rumah Nika Simen, Jalan Intan, 23200 Bukit Besi, Terengganu.
Phone Number: 017-8479562
Maybank Account number: 155171027935
Case: Selling commemorative coins for RM470 but don't deliver it to buyer.

If you know any of them, please contact the nearest police station.

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If you think I mistakenly put your information in this post, you can contact me at lunaticg@gmail.com or visit http://www.facebook.com/malaysiacoin. You can also contact me if you have any new scammer to add into this list but make sure you already make a police report first. Thanks!

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1 kilo Tungsten Gold Found

Two years ago, world were shocked by a video about fake tungsten gold found in Germany. A few days ago, ABC Bullion of Australia reported about finding 1 kilo Tungsten Gold found in UK, complete with pictures of the  legitimate Metalor 1000gm Au bar filled with tungsten. From the picture, look like the gold bar has been drilled out and filled with tungsten. According to ABC Bullion, The Bar is brought from a scrap metal dealer in UK, complete with its original certificate. The owner of the business that purchased the bar only became suspicious when he realized the weight discrepancy and had the bar cropped. He estimates between 30-40% of the weight of the bar to be Tungsten.

Pictures by ABC Bullion.

From ABC Bullion: Thursday, March 22, 2012.

"ABC Bullion received the following email from one of our trusted suppliers this week.

Note:

It was not ABC Bullion that purchased this bar, the email and photos were sent to us as a general warning.

I xxxx'ed out the city's name to avoid any second guessing as to the name of the dealer.

19/03/2012:

Attached are photographs of a legitimate Metalor 1000gm Au bar that has been drilled out and filled with Tungsten (W).

This bar was purchased by staff of a scrap dealer in xxxxx, UK yesterday. The bar appeared to be perfect other than the fact that it was 2gms underweight. It was checked by hand-held xrf and showed 99.98% Au. Being Tungsten, it would not be ferro-magnetic. The bar was supplied with the original certificate.

The owner of the business that purchased the bar only became suspicious when he realized the weight discrepancy and had the bar cropped. He estimates between 30-40% of the weight of the bar to be Tungsten.

This is very worrying and reinforces the lengths that people are willing to go to profit from the current high metal prices. Please be careful."

A pawn shop in Klang, Selangor, also warned me about the Tungsten filled gold bar last year. The girl who work there said they found few tungsten filled bar try to be pawn or sold as genuine gold bar. What I know, the tungsten filled bar cases only involve large gold bar-100gm and no famous gold bullion bar has been related to such cases. To anyone who don't know, tungsten is one element that has just about the same density as gold. Alloying gold with tungsten would not work for several reasons but a coin with a tungsten center and gold all around it could not be detected as counterfeit by density measurement alone. 

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US Federal Reserve Bond Scam

USA Federal Reserve Bond Scam has been around since year 2001. Like the 1934 $100,000 dollars gold certificate scam, it started in Philippines. After over 10 years, most of the scam come out again in Malaysia. Maybe because Malaysia have so many rich, intelligent and genius people's who don't know how to look for scam information via the world wide web. Promise of a high return make people blind and that really help scammer to gain profit selling empty promises. I had been reading about currency related scam since 2009 and some of my reading has been share in this blog. Most of the scam happened in Malaysia is related to USA currency/bond that either counterfeit or never exist. Most of the time, people getting scammed will mad at me because I am telling them the truth. They scold me because I destroyed their hope and dreams to become a millionaire. I don't mind, its your money, I am only giving you fact and my opinion about related topic. I don't loose a single cent giving you advices.

How the scam work

Most of the Federal Reserve Bond or sometimes known as "World War II Reconciliation Bond" came with the year/series 1934. Most of the times, these fraudsters will tell you that they found these Federal Reserve bonds in a plane/battleship crash during Japanese Occupation in Malaya in 1941-1945. They will tell you that they had contact Federal Reserve Bank of United States of America and Federal Reserve Bank has confirm that the bond is genuine. They may have provide some website link/letter that will show you about the confirmation. You will be their assistant in Malaysia and you need to give some amount of money to someone in order to obtain some document that related to the bond release. Some of the fraudster even act as a Bank Negara Malaysia (BNM) officers to obtain trust from you. Some of the bonds have a face value of USD$10,000 to USD$1 billion dollars. Some of them come in metal boxes and some come in a colour paper. The bond may look old because the fraudster getting them wet and mouldy. The amount of bonds can go to one to two billions of dollars per box. they will tell you that not everyone know about this bond and US government will deny their authenticity because of secrecy. Only the fraudster can help you cash in the bond.

The truth about Federal Reserve Bond
U.S Treasury never issued any bond/currency at a high value during that time (1934):

The U. S. Treasury did not issue securities (bonds) in $100 million or $500 million denominations during the period alleged in this fraud.
US Treasury

The Federal Reserve has never issued any bonds or notes with coupons attached. The Federal Reserve Bank of New York is not aware of any currency or debt stockpile of large denomination Federal Reserve notes from the 1930s and warns that any institution that pays out on such a claim does so at its own risk.

It should also be noted that the largest denomination of currency ever printed by the Bureau of Engraving and Printing was the $100,000 Series 1934 Gold Certificate featuring the portrait of President Wilson. These notes were printed from December 18, 1934, through January 9, 1935, and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury Department. The notes were used only for official transactions between Federal Reserve Banks and were not circulated among the general public.

Federal Reserve Bank New York

Federal Reserve Bank District Numbers:

They're 12 US Federal Reserve Bank and each of the bank have a different district letter and district numbers printed on the notes/bond.

Boston: A; 1
Richmond: E; 5
Minneapolis: I; 9
New York City: B; 2
Atlanta: F; 6
Kansas City: J; 10
Philadelphia: C; 3
Chicago: G; 7
Dallas: K; 11
Cleveland: D; 4
St. Louis: H; 8
San Francisco: L; 12

Here are some recent US bond forgeries pictures:

Pictures by Reuters: forgery USA Bond

Please use your common sense, a bond with a high amount like that in 1934 will help you buy a country. Who in their right mind produce such bond in 1934? Who in their right mind want to share a chance to be a millionaire? Why they produce the bond 8 years before WWII started? What good use these bond to all those American soldiers, everyone are in a war, money is not important during that time. Please look at the fact and put aside what you believe before you decide to accept or not what I share in here.

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Iraq Dinar Investment

I had been writing about Iraq Dinar since 2010. Iraq Dinar RV news has been around since The New Iraqi Dinar has been introduced to replace Saddam's Dinar. In 2010, the news about revaluation of dinar come out again, they intend to drop three zeros from the nominal value of bank notes. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. The rumours has been a talking point by Dinar Traders to sell their Dinars. This speculators has been gaining profits and making empty promises for so many years. The same story will be going out in their blog, website or forum every year. They want you to think, Iraq Dinar Investment is worth it.

Today, we are already in year 2012. Have any of you, Dinar Iraq investor asked your Iraqi Dinar Guru's about your investment? Will Iraq Dinar RV in 2012? Can you gain profit from your investment this year? Most of them will be saying Iraqi Dinar investment is a long shot investment. It will take time for you to gain profit from any currency investment like that. If they say it is a long term investment, why do they sell the currency to you? Why don't they keep it for themselves? Why do they gain small profit when they can gain a big profit in a long term? Iraq dinar trading is a business, people who sell the Dinars to you are the one who actually gain profit.

I am an ex-investor of Iraq Dinar. Have you read my post; Should I invest in Iraq Dinar? I am talking from experience and I want to help everyone who maybe will get into the Dinar Trader trap. Stop wasting your time waiting for the Dinar to RV, don't buy anymore Dinar. RV will not give a high value to your Dinar, it will only give the smaller number for Dinar. 25,000 Dinar will become 250 Dinar. The value of your currency will be the same. Iraq economy will not be going up even if US troops going out from Iraq, it take time. Kuwait RV is a different thing from The Dinar RV.

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BNM don't buy Dinar Iraq

I am a fan of BNM (Bank Negara Malaysia/Malaysia Central Bank) official Facebook page since I found them. I check their page at least once a day to check any information that is related to numismatic. Almost every week, people came to their pages and asked if BNM would buy Iraq Dinar or when the Dinar will RV. The same questions keep on coming even though BNM Pages Admin has been replying to the same questions. Some of the FB pages readers also misinterpret what BNM actually were saying in that pages. Here, I compile some of BNM reply about IQD in their official Facebook page.

Question:

If the Iraq Dinar RV, can I change Dinar Currency at the Central Bank (BNM)? How about fees that will be charge by BNM?

BNM Answer:

Question 1 - Answer: not possible. Bank did not conduct activities/services of foreign money-changing. Question 2 - Answer: See answer question 1.

Question:

I want to ask BNM about the phenomenon of Iraq dinar trading in Malaysia, can you clarify some thing regarding this matter. Is it legal to keep foreign currency at a high rate and is there any law regarding foreign currency control?

BNM Answer:

We'd like to share information with you that under the Exchange Control Act 1953, is an offense for a person in Malaysia to buy or sell foreign currency (forex) or do any act which involves, in relation to, or preparation for, purchase or sell foreign currency with any person, other than a registered dealer. Under this Act, is an offense for a person to aid or abet another person to purchase or sell foreign currency with any person, unless the person is an authorized dealer.

For your information, Bank Negara Malaysia is not listed as one of the Iraq dinar currency exchange rates. More information can be obtained through the site: http://www.bnm.gov.my/index.php?ch=12&pg=629

The public is advised to deal directly with local banks (under the supervision of Bank Negara Malaysia) to obtain information related to these currencies to avoid fraud by the unscrupulous.

Question:
Will Dinar Iraq RV?
BNM Answer:

BNM is not producing iraq dinar and BNM does not listed Iraq Dinar in the foreign exchange. Whether it floated or not, are not under our jurisdiction. Maybe you can ask this question to the Central Bank of Iraq.

Question:
Will Malaysia Bank accept Iraq Dinar in the near future?
BNM Answer:
BNM is not producing Iraq Dinar-this kind of question is not related to BNM. We normally don't reply to this kind of question. Its up to Commercial Bank to decide if they want to trade Iraq Dinar.

Will update this post in the future if any new Questions related to Dinar Iraq in BNM Facebook pages. If you were wondering why I am talking about Dinar Iraq in my blog, you can read my old post; Should I invest in Iraq Dinar. Although many Iraq Dinar Investor/Sellers who keep on insulting and mocking me for my Iraq Dinar Scam post, I will not budge to enlighten the public about buying IQD is just a waste of time and money. I know many of you don't like it, Good luck.

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9/11 coin scam warning

The United States Mint had issued a 9/11 coin scam warning following a product by National Collector's Mint; "10th Anniversary September 11th Commemorative Dollar" and claims that it is a "Liberian government authorized legal tender coin." US Mint warned users that this product is not a genuine United States coin or medal. Under the Constitution, Congress has the exclusive power to coin money of the United States. Congress has delegated its authority to mint and issue coins to the Secretary of Treasury, and Congress requires the Secretary to carry out these duties at the United States Mint. Thus, the United States Mint is the only government entity in the United States with the authority to coin money.

Consumers may find the advertisements for this product confusing because the National Collector's Mint uses phrases such as "legal tender dollar." The product itself may be confusing because it bears the denomination "One Dollar." Congress did not authorize the National Collector's Mint product, and the United States Government does not endorse it. On January 2011, US Authority said they're investigating a Fake September 11 coin minted by the National Collector's Mint. Two Democratic New York congressmen, Rep. Jerrold Nadler and Sen. Charles Schumer, have accused the National Collector's Mint in Port Chester, New York, of selling bogus September 11 coins in an attempt to exploit the tragedy for profit.

The only official United States coin or medal to commemorate the 10th anniversary of the September 11th attacks is the "National September 11 Memorial & Museum Commemorative Medal," which is authorized by Public Law 111-221 (approved by the President on August 6, 2010). You can read the scam warning in US Mint website; 10th Anniversary September 11th Commemorative Dollar Alerts. I also found some news video by WPRI TV relating to that matter:

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Where to exchange Myanmar Kyat?

"Do you know where to exchange Myanmar Kyat in Malaysia? Myanmar Kyat have been RV on 2 April 2012, with the Myanmar Kyat RV, I maybe will become a millionaire. I had been asking almost all Money Changers in Kuala Lumpur, Subang Jaya and Shah Alam but I cannot find any that will exchange my Myanmar Kyat Banknote. I have 5000 Kyat notes that my friends give to me as a gift. I also asked some of my Myanmar friends but they don't know where to exchange Kyat in Malaysia."

Why people suddenly asking for Myanmar Kyat?

Many people had been cheated on buying Myanmar Kyat. They were been told that Kyat will be going up against USD one day. A recent news about a statement by Myanmar Union Minister of Finance and Revenue U Hla Tun said that Myanmar is deliberating to readjust its official foreign exchange rate in a bid to stabilize domestic foreign exchange market. Myanmar will coordinate with International Monetary Fund in the move. In a simple terms, Myanmar will revalue its Kyat. The sellers are using BNM Ringgit Foreign Exchange Rates (BNM are using new exchange rate now), as an excuse to sell the notes.

The truth about Myanmar Kyat

What they don't know that Myanmar Kyat had been selling in the black market since 1990. Bank and Money Changer in Malaysia will not accept it unless you exchange using the black market price. The Black Market rates and the official foreign exchange rates are totally different. BNM is using official foreign exchange rates but the truth is Myanmar Kyat has always been traded using a black market rate which takes into account the standing of Myanmar national economy. At the moment the official foreign exchange rate is MMK6.7 to USD1 but actually the price is MMK830 to USD1 in the street market.

My Answer

I am not sure how many people had been cheated buying the notes since it is not easy to get Myanmar Kyat. Unless you go to Myanmar and exchange it with USD. Not many people realize that Malaysia Bank and Money Changer will not accept Myanmar Kyat according to their official foreign exchange rates. Answering to the question given, "You can exchange Myanmar Kyat if you want to use Black Market price", that is my answer.

Try trading/invest safely, why don't you try Malaysia gold dinar.

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1934 $100,000 Dollars scam

A reader asked me via email about a $100,000 US Bond. Asking me if his notes is genuine or fake. He maybe had been reading about the story of the $100,000 US 1934 Gold Certificate in my blog. He said he bought this notes from a collector friend. He also enclosed his $100,000 dollars notes that you can see below. I am 100% sure that this notes is a fake. The 1934 $100,000 Dollars scam has been around since 2006 with many buyer bought it from Philippines and Indonesia.

$100,000 Dollars Banknote feature:

The $100,000 bill was released only as a Gold Certificate in the series of 1934. Woodrow Wilson's image was shown on the obverse, while its reverse contained the "100,000" denomination printed in several places in orange- or gold-colored ink.

This 100,000 Dollar Gold Certificate is the highest U. S. denomination. Only 42,000 were printed. They were used only for transactions between the Federal Reserve and the Treasury Department. These notes were never issued for public circulation. When the Government stopped using them, most were destroyed. Only three are known to have survived. One is housed at the Federal Reserve Bank of San Francisco, one at the Bureau of Engraving and Printing, and one at the Smithsonian Institute. It's illegal for a private person to own one of these notes, and none has ever been in private hands.

Why I am saying this is a scam?

• These Series 1934 gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions and not issued to the public. Of these, the $100,000 is an odd bill in that it was printed only as this Series 1934 gold certificate. This series was discontinued in 1940. It was issued by the Treasury Department of the US to the various Federal Reserve Banks to evidence gold deposits held at the Treasury that were equivalent to credits between the Treasury and the Banks.
• If this thing is for real, why the seller sold it for a cheap price? The notes/bonds should worth at least 1 million dollars for a single note. Its a 1934 gold certificates notes.
• The quality of the note look like a low quality counterfeit.
• I received hundreds of email before offering me the same bonds/notes in my email. Even your email is in my spam box, automatically. I only realized about this question when you sms me about it. A Nigerian guy also called me before asking me if I want to buy cheap US notes. You can also read about 1934 $100,000 Bill scam in US Federal Reserve website:

Discovered 1930s Notes and Bonds

July 2005

The Federal Reserve is aware of several scams involving high denomination Federal Reserve notes and bonds, often in denominations of 100 million or 500 million dollars, dating back to the 1930s, usually 1934. In each of these schemes, fraudulent instruments are claimed to be part of a long-lost supply of recently discovered Federal Reserve notes or bonds.

Fraudsters often falsely claim that the purported Federal Reserve notes or bonds that they hold are somehow very special and are not known to the public because they are so secret. Fraudsters have attempted to sell these worthless instruments, or to redeem or exchange them at banks and other financial institutions, or to secure loans or obtain lines of credit using the fictitious instruments as collateral.

The Federal Reserve has never issued any bonds or notes with coupons attached. The Federal Reserve Bank of New York is not aware of any currency or debt stockpile of large denomination Federal Reserve notes from the 1930s and warns that any institution that pays out on such a claim does so at its own risk.

It should also be noted that the largest denomination of currency ever printed by the Bureau of Engraving and Printing was the $100,000 Series 1934 Gold Certificate featuring the portrait of President Wilson. These notes were printed from December 18, 1934, through January 9, 1935, and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury Department. The notes were used only for official transactions between Federal Reserve Banks and were not circulated among the general public.

Federal Reserve Bank of New York.

If the offer is too good to be true, it most probably is a scam. Hopefully you don't loose a huge amount of money buying this banknotes.

Source: Wikipedia, Federal Reserve Bank of New York.

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Iraq Dinar RV?

"Haven't you heard that Iraqi Dinar revalue soon? It has been all over news and everyone is buying Iraq Dinar stock. Iraqi Budget already approved by Parliament, does this clear the way for the Iraq Dinar to RV drastically & quickly? Its a little bit hard to find Iraq Dinar now since the news come out."

A reader email me about Iraq Dinar RV soon. To anyone who still doesn't know "RV" is short for "revalue" or "revaluation". Also referred to as RI (ReInstatement). The term is referring to a change in the value of the Iraqi Dinar.


Iraq Dinar RV is for real?
Yes. Currency revaluations happen all the time. Its happened before with Iraq Dinar and they produce a new Dinar with old Dinar became no value.

Why people keep on talking about Iraq Dinar RV?
Do you remember where exactly do you read about the Iraq Dinar RV? Most of the time its come from Dinar trader and seller. Its just one of their way to attract you to buy Iraqi Dinar to increase their sales and profits. When looking at the profit they said you will gain if you buy Iraq Dinar; yes, it is very tempting investment. But do you ever think how many people in this world buy Iraq Dinar for investment? When the Iraq Dinar revalue as what all the traders said it will, what will happened to Iraq economy when many people change their Dinar for Dollar? Will Iraq allowed that to happen?

Why bank is selling Iraq Dinar?
Banking is a business. If the business can gain a profit, why not? They gain so much profit from all the charges for you to buy Iraq Dinar, not including the exchange rates.

Why do you talk about Iraq Dinar?
I am an ex-investor of Iraq Dinar. Have you read my post; Should I invest in Iraq Dinar? I am talking from experience and I want to help everyone who maybe will get into their trap. Many people said Iraq Dinar is a good investment but before you start investing, you might want to read this post here; Iraq Dinar Investment.

As far as a "revaluation" of Iraq Dinar, it will be happening but you will not get big profits as promise by Dinar seller. RV is just one way for the Dinar dealers to increase their sales and profits. Just remember, there will be no overnight millionaires as promised by the sellers. The new dinar most probably will be change to a new Dinar soon or after Iraq announce their currency revaluation. For me, Iraq Dinar is still a scam.

Haven't you heard, a  new Iraq currency has been planned by Central Bank of Iraq (CBI). CBI Governor, Sinan al-Shabibi in his interview with Al-Sabaah claims that the new currency’s attributes will make it ‘difficult’ to falsify. The Central Bank and the Finance Committee in the House of Representatives agreed to hold further meetings to finalize discussions on the project. The central bank is determined to raise three zeroes from the of the new Iraqi currency and presented its project to the government and the House of Representatives. Iraq New Currency.

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Lufthansa crews smuggle fake euro coins

A recent news by Bild Newspaper reported that some Lufthansa crews smuggle fake euro coins back to Germany. The fake euro coins scrapped by the Bundesbank were reassembled in China and smuggled back to Germany by the Lufthansa crew. Accomplices at the German central bank then swapped them for notes. Six people had been arrested so far with a discovery of at least 6 million euro coin fraud.

The investigation start in early 2010 when a customs officer stopped a stewardess who is struggling to lift her bag at a German airport. They found, thousands of one and two euro coins in her bag. The incident sparked an investigation that has uncovered a forgery ring stretching to China and potentially implicating employees of German airline Lufthansa. Airline cabin crew do not have a weight limit on their baggage.

The Frankfurt prosecutors' office said on Thursday it carried out dawn raids on offices and residences and arrested six people, four of whom are from China. It suspects them of having smuggled coins that had been taken out of circulation or bits of those coins into Germany from China, where they had been sent as scrap metal. The suspects then put the coins back together and exchanged them for a total of 6 million euros at the Bundesbank from 2007 to 2010, the prosecutors said.

Every year the Bundesbank takes out of circulation hundreds of tons of damaged coins and breaks them into separate metals, which are then shipped to China. Some fell into the hands of criminal gangs, who hired flight attendants to take them back. Old euro coins are taken out of circulation by removing the inner part of the coin from an outer ring and thus effectively turning them into scrap metal. The Bundesbank is the only institute in Europe that exchanges damaged euro coins for free, replacing them with new ones of the same value.

The investigators recovered around 3 metric tons of coin pieces as well as a machine for putting them back together, prosecutors said in the statement.

Source: Bind News, Reuters, Herald Sun.

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Iraq Dinar Scam is back

Iraq Dinar scam is back following a rumour that Central Bank of Iraq has announced their plans to redenominate the Iraqi Dinar. This is in order to increase the strength level of the Iraqi currency, which will allow people to carry less paper money. By the end of 2010, they intend to drop three zeros from the nominal value of bank notes. That means that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) will both be worth the same amount in US Dollars. Haven't you heard that Iraqi Dinar revalue soon?

Iraq Dinar speculation has been around since a new Dinar has been introduced in 2003. Speculator will sell their item in bulk with a statement from Iraq news that Iraq Dinar value will be going up one day. One of the reason most of this speculator will be saying is that Iraq is the second largest oil reserve holder in the world. 95% of Iraq revenue come from oil export. They were saying that Iraq will gain its independence one day and Iraq economy will be bounce back. At that time, all Iraq Dinar holder will gain profits by trading their Iraq Dinar. The news that the speculator reported as a good news for Iraq Dinar, they're no single source or link that come from Iraq government or any news agency (some quote a news by reuters in Wikipedia, but the link is from a website: radio free Iraq?).

Where do you sell your Iraq Dinar? The truth is, there is no legitimate market that will buy any of your dinar outside Iraq. Some people suggest that we can trade Iraq Dinar via online banking? Do you know that you cannot trade it via banks or money changers outside Iraq? Buying Iraq Dinar will be easy but selling them will be a big problem. Most of the Iraq Dinar trader in US registered with the U.S. Treasury as a Money Service Business.

Some speculator even show the historical value of the Dinar. They were speculating that Independence might help Iraq to gain its value near its historical value before gulf war. Is that for real? I think to anyone who want to believe anything about that should read this statement by CNN money expert in 2004, Walter Updegrave:

"The economic prospects for a country that determine the future value of its currency, not the price it trades at now or the price it traded at in the past. And no matter how low a value a currency reaches, it can always go lower." Source: CNN

The only people who really gaining profit from this speculation is the first person who started this Iraq Dinar trading. Before you invest on anything, make sure that you can sell them. Unless there is a legal way to sell your Dinar, this speculation will always be one of the biggest Internet scam.

Should you invest in Iraq Dinar? Many people said Iraq Dinar is a good investment but before you start investing, you might want to read this post here; Iraq Dinar Investment.

I had been reading about Iraq New Currency for years now. They said three zeroes will be remove for the new dinar.

Source: Wikipedia

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International raids for Securency case

International raids were launched in several countries last night in connection with the Reserve Bank of Australia (RBA) bribery and corruption scandal that has also implicated a Malaysian corporate figure of receiving a RM11.3 million. The operations were to uncover evidence of corruption and bribery involving RBA subsidiaries banknote firms Securency International and Note Printing Australia (NPA). Securency is a joint venture between the Australia central bank and Innovia Films, which helps design and produce plastic-style polymer banknotes known for their durability and for being hard to counterfeit.

Yesterday, two men were arrested in raids by Australian, British and Spanish police. British and Australian police said they carried out 15 coordinated swoops on Wednesday, with another two in Spain. Two men were arrested in Britain and are being questioned. The Age investigative reporters Richard Baker and Nick McKenzie said six houses across Melbourne were raided. This involved several middlemen who helped Securency win a multi-million ringgit deal with Nigeria's central bank live in or near London, while the firm's global director of sales lives in Hampshire. The Age reported the raids would put fresh pressure on the Australian government to back a broader inquiry into Securency's dealings and the extent to which they involve failings by the RBA and agencies such as Austrade, which helped select some of the middlemen.

The AFP operation began in May 2009 after The Age revealed Securency had wired millions of dollars to offshore accounts linked to dubious middlemen, including some previously implicated in corrupt dealings. Early this year, an audit discovered more than RM150 million had been paid between 2003 and 2009 to overseas middlemen.

Malaysian Anti Corruption Commission (MACC) has been helping the AFP trace the RM11.3 million that was paid by Securency International, a polymer currency company, to its Malaysian agent. Securency and NPA engaged the Malaysian agent, against advice, in the late 1990s. The Australian companies won currency printing contracts in Malaysia for the RM50 Commonwealth Games commemorative note in 1998 and the RM5 polymer note in 2004. The Malaysian was chairman of several local companies but probably remembered for the problems that besieged the listing of a fast rising company in 1996. He had reportedly also been a broker for a Pakistani government-linked weapons-making factory and was the second arms trader to have been used as an agent by either or both Securency and NPA. Securency had also used an arms dealer suspected of supplying guns to Latin American drug gangs as its agent in Paraguay.

Source: The Malay Mail, AFP

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Group of six used bogus bills

Six people have been arrested in a counterfeit ring that allegedly passed about $300,000 in bogus Canadian currency in B.C., Manitoba and Alberta, Canada. During the searches, executed by the RCMP Federal Commercial Crime Section’s Integrated Counterfeit Enforcement Team, the Coquitlam RCMP, Vancouver Police and the RCMP’s Emergency Response Team, officers seized a substantial amount of fake Canadian bills, blank credit cards and equipment used to make fake bills and cards. Four of those arrested were men, two were women, and all are in their 20s, police said. The men remain in custody and the women were released on a promise to appear in court at a later date.

Photo by CBC: Police show some of the counterfeit bills

The arrests were made last month in Vancouver and Coquitlam, B.C., said Sgt. Tony Farahbakhchian of the RCMP's commercial crime section.

"During the execution of the search warrants, a substantial amount of fake Canadian bills (mostly 100s, 50s and 20s), blank credit cards, computers and equipment used in the production of counterfeit banknotes and credit cards was seized," Farahbakhchian said.

"This is a significant seizure as the notes associated to this group amounted to approximately 80 per cent of the total in counterfeit notes being passed in B.C. during the past 10 months."

The investigation began in November and culminated with the execution of search warrants at properties in the 1900-block of Dawes Hill in Coquitlam and the 4200-block of Dunbar Street in Vancouver on Aug. 12. The counterfeit $100 notes all bore the serial numbers EJE9791896, EJE7771896 and EJE7171891, while the counterfeit $20 notes had the serial numbers ARA9965493, ARD4089894 and ERC3300372.

Farahbakhchian said charges could be laid related to making and passing counterfeit banknotes and to possessing instruments used in producing counterfeits.

Source: CBC News, Vancouversun News.

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Japanese arrested for US bond fraud

Yesterday, Two Japanese men were among four people detained by police in connection with a syndicate that is believed to have issued false bonds using the name 'Federal Reserve of America Bond' running into hundreds of millions of ringgit in a raid at a hotel in Shah Alam, Malaysia here early this morning. Shah Alam police chief ACP Noor Azam Jamaluddin said in the 1.45am raid by the Commercial Crimes Investigation Department (CCID), the two Japanese men, aged 62 and 68, and a local aged 38, were detained in a room at the hotel.

Photo by Utusan Malaysia: ACP Noor Azam (center) showing the us bond.

He said the team then raided another room in the same hotel and detained a 31-year-old Indonesian woman who had in her possession a briefcase containing bond certificates and counterfeit money.

"We also seized several other materials like 114 sheets of brown-coloured A4 paper with the words Federal Reserve Bond embossed on them and seven sheets of platinum written with "United States of America Department of Treasury Bank Memorandum".

"Also seized were 50 "The Japanese Government" currency notes and 150 Gold Certificates valued at USD100,000 each (RM314,000) four gold coins and five green cards titled "Federal Reserve Bond"," he told a press conference here.

Noor Azam said the modus operandi of the syndicate was to use the local man as a trustee to find investors.However, to date no police reports had been lodged on the syndicate. The syndicate is believed to make the bond and gold plate illegally to find victims of the investors in the country with promises of investment in construction projects such as hotels and other facilities in Malaysia.

He said his initial investigation also found that local men are arrested, it is required by the authorities in the territory of Indiana, the United States for involvement in criminal fraud. He added that he will refer men to the Federal Bureau of Investigation (FBI) for investigation. All suspects are now detained remand to assist investigations under Section 420 and Section 511 of the Penal Code. They will be remanded at the Magistrate's Court here for a period of detention for further investigation.

Source: Bernama, New Straits Times, Utusan Malaysia.

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Beware Mudah.my phishing email

I just want to alert everyone who are using mudah.my ads services of phishing email I have received asking for updating information within 24 hours. If not you will not be allowed to used mudah.my ads services. Please beware it is a phishing email and don't click on the link. Phishing is the criminally fraudulent process of attempting to acquire sensitive information such as user names, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication. Communications purporting to be from popular social web sites, auction sites, online payment processors or IT administrators are commonly used to lure the unsuspecting public.

Here is how the email look like:

from: notice@mudah.my
Subject: Action required.

Dear Mudah user,
Due to recent fraud attempts we require you to confirm your personal details.Please click the link below to confirm your details.If your information is not updated within 24 hours your ads will be deleted and you will not be allowed to use www.mudah.my in any way.
Click here to confirm your account
The link will riderect you to:
http://mudahmyy.voila.net/t3i.......3v5.html

Checking the whois record of this mudah.my phishing website not relating to any Mudah.my companies. Its under Nordnet, a company based in France.

Registrant:
(NNR-france719)
France Telecom Scr
48, Rue Camille Desmoulins
92791 Issy Les Moulineaux
FR
Phone:

Registrar....: Nordnet
Web..........: http://www.nordnet.net
Whois........: whois.nordnet.net

Domain Name: voila.net


Administrative Contact:
Contact Administratif (NNR-france373) admin@domaine.wanadoo.com
France Telecom Scr
48, Rue Camille Desmoulins
92791 Issy Les Moulineaux
FR
Phone: +33.158885349 Fax: +33.158887580

Technical Contact:
Contact Technique (NNR-france681) dop.tech@domaine.wanadoo.com
France Telecom Scr
48, Rue Camille Desmoulins
92791 Issy Les Moulineaux
FR
Phone: +33.497128733 Fax: +33.497128501

Billing Contact:
Contact De Facturation (NNR-wanado95) billing@domaine.wanadoo.com
France Telecom Scr
48 Rue Camille Desmoulins
92791 Issy Les Moulineaux
FR
Phone: +33.158885349 Fax: +33.158887580

Please help spread this story to all your friends and family who has been using Mudah.my services.

PS: I am also received an email with Viagra selling link from one of Malaysian coin blogger in my link. Anyone received the similar email?

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Four Africans Detained For Cheating

Yesterday Bernama news reported four Africans detained for cheating a housewife by selling her fake notes. Four African men who introduced themselves as currency remittance agents to a housewife were arrested following the discovery of more than 12,000 pieces of forged currency at a luxury condominium here. The 53-year-old victim lodged a police report after losing more than RM17,000 that had been paid to process the release of more than US$3.5 million (RM11.5 million) purportedly sent to her.

Photo by Kosmo: RM11.2j wang palsu Mat Afrika (RM11.2million Africans fake notes).

The head of Kuala Lumpur Commercial CID, ACP Izany Abd Ghany said the victim received a call on June 2 from one of the suspects who claimed that there was a currency remittance made to the victim, but the victim was required to make several payments to process the release of the currency. He said the victim, who believed what the man had said, later met with the suspect at a car park of a private hospital, here and handed RM5,650 in cash to the suspect.

"After the payment was made, the victim was later asked to make a second payment of US$3,550 (RM11,623) on June 7 at Avenue K, Jalan Ampang, here," he said at a media conference.

Izany said as the victim had not received the remittance that was promised after making two payments, she finally lodged a police report after realising that she had been cheated. He said the victim later received a call from the suspect asking her to make a third payment at Avenue K at about 3pm, last Thursday. He said when the payment was being made, police detained the 27-year-old suspect and later raided a luxury condominium unit at Kampung Baru Ampang, here and detained three other suspects.

Upon inspecting the unit, he said police found 8,400 pieces of RM50 notes, US$100 (4,200 pieces), US$50 (120 pieces), US$20 (30 pieces) and US$10 (80 pieces) which were kept in two suitcases.

"All the suspects who were detained were aged between 22 and 30 and were believed to have entered the country in 2007 using student visas while one of the suspect used a UNHCR (United Nations High Commissioner for Refugees) pass," he said.

Izany said the syndicate had been active for the past two years and all the suspects were remanded for 14 days until June 24. They were being investigated under Section 420 of the Penal Code for cheating and Section 489C of the same act for possessing forged currency.

This is just one of the news about how African cheating people in this country. Many other story of Africans doing crime in this country can be found in Malaysia local news. Its time for authority to do something to stop this. In some places, Africans is more then local. It make them think that they own that places and do something that is not a visitor supposed to do in this country. Most of them coming to this country illegally, why no action taken?

Source: Bernama.

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Tungsten coin advertisement?

Today I found an advertisement from a Chinese website that claimed they can produce a tungsten gold coin; found it via kitco.com forum. After I knew about tungsten can be a good substitution alloy for gold, whenever I found any news about it, I will read and try to understand. I been told that there is no evidence of a tungsten coin been proven yet. The only proven thing about tungsten replacing gold so far is in one old video from Germany. This advertisement maybe will alert us that one day, tungsten gold coin in your bullion coin maybe will exist. If they can find a good cheap way to produce them.

Here is what the company claimed can do with Tungsten:

Why tungsten alloy is used as gold substitution?

In theory, as its density is 19.1g/cm3, which is approximately 70% denser than lead, uranium could be used as material of making fake coin. However, it is weakly radioactive and not as dense as gold, so it does not appear to be a practical method.

Then people have discovered that tungsten is environmental-friendly, durable and hardness, the most important is that its density of 19.25g/cm3 is just about the same density as gold (19.3g/cm3), which bears the similar specific gravity. These advantages make tungsten enjoys the superiority to be the best substitute for the costly metal of gold or platinum. It is necessary to tell that alloying gold with tungsten would not work for several reasons but a coin with a tungsten center and gold all around it could not be detected as counterfeit by density measurement alone.
The appliances for tungsten alloy as gold substitution:

Nowadays, tungsten alloy is increasingly used in some field relevant to gold or platinum substitution, such as: jewelry, e.g. ring, ear ring, necklace, wrist chain, etc. Also, it is widely adopted in making souvenir coins, such as memorial crown and other application such as watch band.

Since tungsten alloy bears a special property of longevity and high durability, when it is utilized to make jewelry, it always implicate the love between lovers or couple could be everlasting. Its hardness makes it ideal for rings that will resist scratching, are hypoallergenic, and will not need polishing, which is especially useful in designs with a brushed finish.
Chinatungsten offer tungsten alloy as gold substitution:

We are well accustomed to exploit more innovative applications of tungsten products. Gold-plated tungsten is one of our main products.

In details, pure tungsten, in the forms of round disc, plate, sheet, ring, and etc., can be perfectly coated with gold layer with clinquant shine, to replace gold or platinum merchandise except its currency function.

If you are interest in this information, please feel free to contact us. Any questions or enquiries about tungsten alloy products will be welcomed by email.
Tungsten Alloy Coin Tungsten Ring
Notice: Chinatungsten Online (Xiamen) Manu.&Sales Corp. is a very professional and serious company, specializing in manufacturing and selling tungsten related products for more than two decades. Our gold-plated tungsten alloy products are only for souvenir and decoration purpose. Here we declare: Please do not use our gold-plated tungsten alloy products for illegal purpose.

website: tungsten-alloy.com

The issue here is that this company advertising their product with a picture of Australian Gold coin without Queen Elizabeth II head. That is just maybe a marketing strategy but that really make people wondering if they can really produce fake gold coin filled with Tungsten. What I understand it is very hard to put an image on tungsten since there is no machine that can accurately produce same image as on the coin yet. Most probably the fake coins will not have the same image as the original one. Their weight also will not have the same exact weight as original. The fake tungsten gold bullion coin is still hard to produce but there is a possibility it will be exist one day.

Currently, this company is just selling gold plated tungsten paper weight but who know they just saying that to cover their customer. If you were selling fake items to anyone, do you want to tell everybody that you supply that kind of thing to the rest of the world? Fake and imitation item is a big business in China. I am not saying this company produce fake item, just sharing that the probability of fake tungsten coin is still possible. Just make sure you buy from a reputable dealer not some cheap gold bullion seller from the Internet.

Source: Kitco.com forum.

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