Agent sued over sale of Iraqi currency

Agent sued over sale of Iraqi currency

An 80-year-old man has sued a foreign currency agent who he says tricked him into purchasing Iraqi currency as an investment, knowing that it would be extremely difficult to exchange into Japanese yen, his lawyer said Tuesday. The man bought the Iraqi currency, dinar, to the value of 920,000 yen last year from the Tokyo agent, who told him the currency would eventually appreciate, according to the complaint filed with the Otsu District Court. The man asked the agent to cancel the deal earlier this month, but was turned down, the complaint said.

The plaintiff said in the complaint he was deceived by the agent as there were no grounds for the dinar to rise in value in the future, while the agent declined to comment on the lawsuit. The National Consumer Affairs Center of Japan said the dinar is difficult to convert to Japanese yen because few banks in Japan handle it, and that it has received a total of 137 complaints from consumers since last August concerning sales of the currency.

http://www.japantoday.com/category/c...iraqi-currency