'Make lakhs selling old coins'; Attingal resident loses money

THIRUVANANTHAPURAM: Social media platforms are seeing a rise in fraudulent schemes involving old coins, with scammers promising large sums of money based on supposed "new norms" from the Union Finance Minister. Fake accounts are appearing on platforms like Facebook and Instagram, using names such as 'IndiaCoin1', 'Currency Buyer', 'Bright and Coin Mumbai', 'Old Coins Company', and 'w.w.w Old Coin'.

These scams often advertise that coins of ten and twenty-five paise can be sold for high prices. Victims are initially asked to send a photo of the coins they possess via WhatsApp. They then receive messages claiming their coins are worth between one lakh and one crore rupees.

In one instance, an individual from Attingal with twenty ten-paise coins was offered 90 lakhs. After agreeing to the price, the scammers requested a photo, Aadhaar details, and a registration fee of Rs 750 to be paid through Google Pay. The victim received a certificate with their photo, the promised amount, and the date when the cash will be credited, seemingly issued by the Reserve Bank. There was a claim that the money would be deposited within two days, and company representatives would collect the coins from the victim's home. The scammers then demanded an additional Rs 8199 for GST, at which point the fraud was revealed by the victim. Subsequent attempts to contact the scammers were unsuccessful.

These scams are believed to be orchestrated by groups based in North India. They often present fabricated success stories to appear credible, seeking to aim at the money they'll receive from the registration fees and GST payments.

Important Note: The Reserve Bank of India does not buy old coins or offer money for them. Always verify the credibility of online sites before making any financial transactions. If you have been a victim of cybercrime, contact the Cyber Helpline at 1930.