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Millions of dollars have been taken from people in the Kurdistan Region through fake stock exchange companies. According to Mohammed Hussein from the Iraqi Economists Network, some websites were created to trade commodities internationally, but they were scams that stole people’s money. Experts say the lack of laws to regulate online trading in Iraq and Kurdistan has allowed these scams to grow. Many people without financial experience invest in the stock market and lose large amounts of money, while some companies sell far more than their actual value.
