Moradabad, India — The promise of high prices for rare coins turned a young man’s dreams into a costly deception. Influenced by YouTube claims that old coins could sell for lakhs, he believed one of his coins might be worth crores internationally. But the hope ended when cybercriminals cheated him of ₹15,000.
Fraudsters lured the victim through social media platforms and fake websites. They claimed the coin’s alleged value was ₹95 lakh and collected money in installments under the pretexts of “file charge,” “registration fee,” and “customs clearance.”
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An Organized Network
Police officials said this was not an isolated case. Preliminary investigations suggest the gang is targeting multiple people on social media under the pretence of buying and selling old coins and currency notes. The case has now been handed over to the cyber cell.
Experts’ Warning
Cybercrime expert and former IPS officer Prof. Triveni Singh said:
“Fraud in the name of old coins and notes is rising rapidly these days. Criminals exploit the emotions and greed of ordinary people. This is not just financial crime but also an example of psychological deception. Citizens should not trust such advertisements on social media and must verify through government or certified sources before making any financial transaction.”
Police Initiative
Local police are now preparing to run awareness campaigns on social media. Officials noted that victims often avoid lodging complaints due to shame or hesitation, which emboldens the criminals. The police have appealed to citizens to report any such fraud immediately.