For many families, old coins carry sentiment—reminders of grandparents, milestones, or vanished currencies. But in recent years, these relics have taken on a darker role. On platforms like Facebook, YouTube, and WhatsApp, fraudsters are circulating ads claiming that ordinary ₹2 or ₹5 coins could fetch as much as ₹5 lakh or even crores.
The illusion of turning pocket change into a windfall has proven irresistible. Yet behind the promise lies a network of scams where victims are persuaded to pay fees for bogus “RBI clearance,” “certificates,” and “verification charges.” Investigators and cybercrime experts warn: no coin will make you instantly rich—only fraudsters profit.
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The Mechanics of Deception
The scam unfolds in carefully orchestrated steps.
- The Bait: Fraudsters cast a wide net with ads claiming rare coins are in high demand.
- The Hook: Once a user engages, so-called “coin experts” step in, inflating the coin’s value with fabricated assessments.
- The Trap: Victims are asked for incremental payments—verification, clearance, or certification fees—that gradually escalate.
- The Fallout: When no buyer materializes, victims are left poorer and often harassed for further sums.
In Madhya Pradesh, 60-year-old Saroj Dubey, a retired security guard, lost nearly ₹60,000 before being pushed into despair so deep he took his own life. His story highlights the psychological toll of what often begins as a small gamble.
Why the Fraud Persists
Experts point to three reasons why so many fall prey:
- The promise of easy money—the fantasy of coins transforming into lakhs.
- Gradual escalation—small, seemingly manageable payments make the fraud appear legitimate.
- Pressure tactics—fraudsters invoke urgency, threats, and fear of losing the “deal” to push victims deeper into the trap.
Scammers thrive on human psychology, leveraging both greed and anxiety. “Pay now or lose the offer” has become the refrain of digital con men.
Warning Signs and Public Safety
Authorities and fact-checking groups stress that vigilance is the only real defense. Red flags include:
- Ads lacking verifiable company details.
- Requests for upfront payments for certificates or IDs.
- Messages that invoke urgency or threats.
Cyber experts advise simple precautions: never trust unsolicited ads, avoid paying for verification, and cross-check buyers through official, verifiable businesses. Victims are urged to report suspicious ads directly at cybercrime.gov.in or by calling 1930, India’s cyber helpline.
Fraudsters exploit nostalgia and hope, turning ordinary coins into false jackpots. The reality remains stark: coins may be old, but scams like these are brand new—and devastating.
