Imagine you come across a Facebook ad for a cupro-nickel ₹2 coin that is advertised as being worth ₹5 lakh. For anyone with old change lying around, it sounds like a dream deal. This is why, in recent months, India has seen a surge of fraud involving the sale and purchase of rare or antique coins.
What Scammers Do
Here’s the scheme: a user responds to an ad suggesting that old coins are valuable.
Once contact is made, the trap tightens. The so-called experts quickly “assess” the coins and declare them worth lakhs, maybe even Rs 10 or 20 lakhs. This is done to induce excitement and trust in the user's mind.
They ask for upfront payments for “verification,” “RBI clearance,” or “certificate fees.”
Often, the amounts are small at first but build up with pressure and urgency. Victims sometimes make several payments before realising they've been duped.
In Madhya Pradesh, a retired 60-year-old security guard, Saroj Dubey, transferred nearly ₹60,000 to fraudsters who promised him crores in exchange for antique coins. When the scammers persisted with threats, he was driven to suicide.
They tap into hopes of getting rich with minimal effort, making this the perfect bait for those seeking quick returns. In fact, the gradual escalation in demands can lull victims into thinking things are legitimate.
How To Stay Safe
- Never trust unsolicited buying offers that appear on social media. Especially if they have no physical address, no verifiable website, poor reviews, and no credible reviews to cross-check.
- Avoid paying for vague “verification” or “certificates.” These are common hooks used by scammers. Also, any request for personal IDs is a sign of a scam.
- If an offer sounds unbelievable, it probably is. Always check whether the buyer is genuine or recommended. If they invoke a sense of urgency or threat like "pay now, or lose out on profits", it's a scam.
- Stop payments the moment something feels off. Usually, if you're asked to make multiple payments under different pretexts, it's a scam.
- If you come across a suspicious ad or message, don’t panic. Send it to BOOM’s Tipline (7700906588) and we’ll verify it for you.