😢 When “Too Good to Be True” Goes Wrong: A ₹22 Lakh Lesson

 

😢 When “Too Good to Be True” Goes Wrong: A ₹22 Lakh Lesson

A 22-year-old BMS student in Andheri, Mumbai, encountered a slick Instagram ad on June 2, 2025. It promised a staggering ₹98 Lakh in exchange for his collection of old Indian coins. Unable to resist such a hefty sum, he reached out… and that’s when the trouble began.

🧩 The Scam Unfolds

1. Initial Contact: The ad directed him to a WhatsApp number.

2. “Registration” Fee: Fraudsters asked for ₹699 as an “RBI registration form” fee.

3. Fees, Tax & More: Within a day, they devised a web of fake charges—GST, insurance, TDS, and so on.

4. Continuous Pressure: Over just four days (June 2–6), they convinced him to transfer ₹22.08 Lakh across multiple bank accounts.

5. Red Flags Ignored: Promises of ₹98 Lakh were used to justify every additional payment… until the money ran dry 💸

🕵️ Cyber Police Investigation

The cybercrime unit is now probing the incident—tracking bank records and the WhatsApp contact trail. Unfortunately, the chances of recovering the full amount are slim 

Reff:- Timesofindia

🔄 This Isn’t an Isolated Case

These “old coin” scams have appeared across India:

• Mangaluru: A man lost ₹58.26 Lakh after being lured with promises of ₹49 Lakh for 15 old coins; scammers claimed RBI registration was required 

• Safdarjung Enclave (Delhi): A 63‑year‑old businessman was duped of ₹33 Lakh over eight months via similar tactics—bogus registration fees and forged police impersonation economictimes.indiatimes.com.

• Bengaluru: A 56‑year‑old exchanged old ₹2/₹5 coins in hopes of ₹31 Lakh—but ended up losing ₹2.3 Lakh before sensing something was amiss timesofindia.indiatimes.com.

Clearly, fraudsters follow the same modus operandi: lure → validate via small fee → demand large payments → threaten legal consequences.

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📌 How to Protect Yourself (and Your Readership!)

1. If it seems too good to be true, it probably is.
   No legitimate buyer will offer crores for typical old coins.

2. Never pay “registration” or “processing” fees.
   RBI or police organizations don’t charge individuals via UPI or IMPS for purchases.

3. Authenticate before trust.
   Ask for verifiable documents, cross-check contact numbers from official sites.

4. Don’t let fear drive payments.
   Threats of arrest are scare tactics—pause, verify, and seek legal advice.

5. Ask friends, family, or cyber cell for a second opinion.
   Fresh eyes could spot the scam before it’s too late.

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✍️ Final Take-Away

Scams like this prey on our dreams for quick profit—and build trust layer by layer. What starts as a small registration fee can spiral into lakhs lost—and leaves emotional wounds, too.

So please share this story with your readers—to help them avoid becoming another victim of "coin-exchange" fraud. Better safe… than sorry! 🙏

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✅ TL;DR (Good to Know Basics)

• Mumbai: Student loses ₹22 Lakh after scam promising ₹98 Lakh for coins.

• Similar scams reported in Bengaluru, Mangaluru & Delhi.

• Beware of registration fees, fake legal threats, urgent payment demands.

Let me know if you'd like me to draft different sections (like a “spotter’s guide” checklist) or add more statistics or emojis!