**Title:** Beware of Coin Scams: High Prices Lure Victims
**Meta Description:** Scammers exploit old coin collectors with false promises of high payouts. Learn how to protect yourself from these fraudulent schemes.
**URL Slug:** beware-coin-scams-india
**Headline:** Coin Collectors Targeted by Scammers Promising High Payouts
In recent months, a surge in scams targeting coin collectors has emerged, with fraudsters luring victims with promises of exorbitant payouts for old coins. A cupro-nickel 2-rupee coin, for instance, is being touted at a value of around Rs 5 lakhs, while a 10-paisa coin can allegedly fetch over Rs 18 lakhs. For those with old coins stashed away, these offers may seem too good to ignore. However, behind these enticing figures lies a sophisticated scam operation.
Investigations have revealed that numerous Facebook groups and advertisement posts are dedicated to coin selling in India, with at least 70 groups identified and over 200 posts promoting coin purchase services. What was once a beloved childhood hobby of collecting antique coins has now become a prime target for scammers. Many of these posts feature WhatsApp numbers and images of rare coins, some even displaying pictures of prominent figures like Prime Minister Modi and logos of the Reserve Bank of India (RBI) to enhance their credibility.
One individual claiming to represent a registered company promised Rs 19 lakhs for a 10-paisa coin but then requested an upfront registration fee. To further convince potential victims, the scammer provided documents such as an Aadhaar card, PAN card, and company ID, all of which were later found to be digitally altered.
Reports indicate that at least five other scammers have demanded registration fees ranging from Rs 750 to Rs 8,000, only to follow up with additional requests for payments under various pretexts, including GST processing fees, insurance fees, and more. These fraudsters falsely claim to be affiliated with companies linked to the RBI, presenting themselves as agents looking to buy back old coins at inflated prices.
In January alone, two individuals from Mangaluru and Bengaluru lost approximately Rs 58 lakh and Rs 31 lakh, respectively, after falling victim to these scams. One victim from Mangaluru lost Rs 58.26 lakh while attempting to sell old coins through an online platform he discovered on Facebook, ultimately becoming ensnared in the web of cybercriminals.
The rise of scams involving old currency notes and coins has been alarming, as fraudsters exploit people’s aspirations of quick wealth. Many enticing advertisements online claim that rare old currency can be sold for substantial sums, leading to the creation of dedicated websites that facilitate these fraudulent transactions.
**FAQ Section:**
**Q: How can I protect myself from coin scams?**
A: Always verify the legitimacy of buyers, avoid upfront fees, and research any claims made about coin values before proceeding with a sale.
