Fake Coin Scams: How Fraudsters Trick You With “Rare” Coins Worth Lakhs

Image Credit: Google Gemini

Old coins often carry sentimental value, but lately, they’ve also become bait for online fraud. Across India, scammers are running ads on Facebook, YouTube, and WhatsApp claiming that ordinary coins  like a ₹2 cupro-nickel coin could fetch ₹5 lakh or more.

For many, it feels like a once-in-a-lifetime opportunity to turn pocket change into a fortune. But behind these offers lies a dangerous scam that has tricked thousands of people into paying money for bogus “certificates,” “RBI clearance,” and “verification fees.”

At Fact Crescendo, we’ve investigated several such cases, and the truth is simple: no old coin will make you instantly rich, only fraudsters will get rich.

How the Scam Works:

1. The Bait
   Fraudsters post ads or messages claiming that antique or rare coins are in high demand, sometimes worth crores.
   
2. The Hook
   Once a user responds, “coin experts” step in. They often “assess” the coin and inflate its value  declaring it worth ₹10 or even ₹20 lakh.
   
3. The Trap
   To “process” the sale, the scammers demand small payments for:

• Verification fees
• RBI or government clearance
• Certificate charges

The amounts are small at first but gradually escalate. Victims end up paying multiple times before realising there is no buyer and no deal.

4. The Fallout
   Victims not only lose money but also face harassment. In one tragic case from Madhya Pradesh, a 60-year-old retired security guard named Saroj Dubey paid nearly ₹60,000 to fraudsters. When they threatened him further, he was driven to suicide.

Why People Fall for It:

• Promise of easy money: The idea of turning old coins into lakhs creates false hope.
• Gradual escalation: Small payments at first make it seem legitimate.
• Pressure tactics: Fraudsters use urgency and threats — “pay now or lose the deal” — to push victims deeper into the trap.

Red Flags to Watch Out For:

🚩 Ads on social media without a verifiable company address or official website

🚩 Requests for upfront payments for certificates, verification, or clearance

🚩 Demands for personal IDs or banking details

🚩 Poor reviews, fake testimonials, or no credible online presence

🚩 Messages that invoke urgency or use threats

How To Stay Safe:

1. Never trust unsolicited ads offering to buy old coins for lakhs.
2. Avoid paying for verification or certificates. Genuine buyers don’t ask for this.
3. Cross-check buyers. Look for credible businesses with verifiable websites and addresses.
4. Stop immediately if you’re asked to make repeated payments under new pretexts.
5. Remember: If it sounds too good to be true, it probably is.

What To Do If You Spot a Suspicious Ad:

• Don’t engage or send money.
• Take a screenshot and share it with Fact Crescendo on WhatsApp 9049053770 — we’ll verify it for you.
• If you’ve already been scammed, report it at cybercrime.gov.in or call 1930 immediately.

Conclusion:

Fraudsters exploit greed and hope by turning ordinary coins into “jackpots.” But the reality is, there’s no shortcut to lakhs. Stay alert, question unbelievable offers, and always verify before acting.👉 Remember: Coins may be old, but scams like these are brand new — don’t fall for them.