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Armenian police warn of currency exchange trap and describe fraudulent scheme

YEREVAN, October 29. /ARKA/. Social media is filled with so-called “tempting” ads offering citizens the opportunity to exchange foreign currency, particularly rubles, at a higher rate than at exchange offices.

Armenian police have uncovered a fraudulent scheme. First, the criminals rent an expensive car and order the driver to drive to a shopping center with two entrances and exits. The person wishing to exchange currency is then asked to come to the center. The criminal connects the driver of the rented car with this person by phone.

The criminal tells the person in advance that he is very busy and that a close friend will pick up the money. He means the driver will exchange the money at the shopping center and return, so the person is asked to give him the money and wait in the car.

The driver takes the money for exchange, drives to the shopping center, and never returns. A person caught in a scam while in an expensive car doesn’t even suspect it’s rented or that the driver isn’t a friend of the scammer. As a result, the individual doesn’t receive the amount owed.

Police have urged citizens to exchange foreign currency only through currency agents licensed by the Central Bank and the Ministry of Finance to avoid becoming a victim of fraud.-0-

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