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Journalism of Courage
Last month, a 74-year-old man from Ramnagar, Hyderabad, lost Rs 4.27 lakh in a rare coin scam after responding to a Facebook ad claiming his coins could fetch Rs 72 lakh. The “buyers” asked for payments for verification, RBI clearance, and other fees. Over six weeks, he made 28 UPI transfers, even borrowing from relatives. When the fraudsters stopped responding and began threatening him, he finally approached the cybercrime wing.
In another case, a retired security guard in Madhya Pradesh’s Rewa was duped of Rs 60,000 after being promised crores in exchange for antique coins.
Rakesh Iyer (name changed) almost went down the same path. Reels from a profile named Gyani Singh kept appearing on his feed, promising lakhs for old coins. When Rakesh contacted the number, he was asked to photograph his coins on a plain cloth for “analysis”. Minutes later, the so-called buyer declared them worth Rs 68 lakh. This time, however, Rakesh consulted his family before paying, and narrowly avoided being scammed.
These scams have been quietly infiltrating households across India. Social media posts openly offer large sums for old coins and notes. Lured by the promise of easy money, many unsuspecting people end up paying fees to fraudsters.
“In such scams, fraudsters demand online payments under the guise of RBI clearance, verification fees, or taxes. In reality, the Reserve Bank of India does not conduct any such process for buying or selling coins,” explained Deependra Singh, cyber expert, Betul Police (MP).
Cybersecurity expert Shubham Singh told indianexpress.com, “Scammers are exploiting the hype around Bitcoin and digital currencies. People assume all coins—old coins, fake gold coins, or ‘rare’ currency—can suddenly become extremely valuable. Fraudsters use this misconception to lure victims with promises of crores for ordinary coins.”
Bitcoin is a regulated digital asset. These so-called “old coin sales” are nothing more than scams built on a get-rich-quick narrative, Singh warned.
It usually begins with a flashy ad on Facebook, Instagram, or YouTube: “Your old ₹5 coin could fetch you lakhs!”
The posts are slick, often dressed up with fake RBI or UNESCO logos, glowing testimonials, and polished graphics. Curious victims dial the number in the ad, only to be greeted by “officials” or “agents” carrying fake IDs, confidently posing as RBI employees, antique collectors, or museum representatives.
Once contact is made, the trap tightens. The so-called experts quickly “assess” the coins and declare them worth lakhs—sometimes over Rs 10 lakh—stirring excitement and trust. Then come the fees: registration charges, verification costs, RBI clearance certificates, courier and insurance payments.
Each demand sounds plausible, and the amounts are small enough to slip under suspicion. Victims, urged to hurry before a “buyer backs out,” often pay repeatedly through UPI or bank transfers. By the time the fraudsters vanish—or worse, threaten legal trouble to silence complaints—the money is gone, leaving only fear and regret behind.
Singh walked us through some red flags you can spot:
Advance payment/fees: If anyone asks you to pay a fee (registration, verification, tax, insurance, etc.) before you receive anything, that’s a red flag. Legit buyers do not make sellers pay upfront.
Demand for personal identity/documents early: If anyone asks for documents such as Aadhaar card details, pictures, address proofs, etc., especially before you have validated the buyer.
Too good to be true offers: Very high purchase price offers relative to what coins are worth; offers of lakhs/crores for what seem ordinary coins.
Use of fake authority/impersonation: Use of RBI, police, government certificates or officers on phone calls or documents to pressure you are a clear sign that this is a scam.
Multiple charges added over time: After paying small fees, more fees are demanded, each with different pretexts.
Pressure, threats, urgency: “Pay now or you’ll be arrested,” “You’ll lose out,” if such threats are being used, this is a scam.
No verifiable trace of the buyer: No physical address, no legit company registration, unverifiable website, poor reviews, no credible references available to cross-check.
Adverts via social media with no regulation: Ads that appear suddenly, via Facebook / Instagram etc., no formal company name or office.
