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-

spot_img

POPULAR

Dollar and euro exchange rates against the Armenian dram fell again: Central Bank

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market as of July 20, 2026, fell by 0.92 points compared to July 17, reaching 365.93 drams.

Armenian banks increased net profit to 219.7 billion drams in the first half of the year

The combined net profit (after tax) of Armenian banks in the first half of 2026 amounted to 219.72 billion drams, compared to 200.7 billion drams in the same period of 2025, an increase of 9.48%.

Ranking of the Most Profitable Armenian Banks for the First Quarter of 2026

ARKA News Agency has published a ranking of the most profitable Armenian banks for the first half of 2026.

Armenia has benefited from capital transit, but its origins pose reputational risks – Tavadyan

The report of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) on Armenia documented the country's progress in developing its anti-money laundering and counter-terrorist financing systems, but identified insufficient effectiveness in investigations, prosecutions, and confiscation of criminal assets, as well as the need for stronger oversight in several economic sectors.

Acba Bank to Support Armenian Exports

To support the development of local producers, promote Armenian exports to various countries worldwide, and enhance the competitiveness of Armenian businesses, Acba Bank is offering the best export factoring terms currently available in Armenia until September 30.

LATEST NEWS

spot_imgspot_imgspot_img