Mumbai Man Loses ₹14 Lakh In Rare Coin Scam

In a disturbing case of cyber fraud, a 64-year-old individual has reported losing ₹14,25,420 to an elaborate online scam that promised lucrative returns on old coins and currency notes. The victim, who has been living modestly on his retirement income, became a target after responding to a video advertisement seen on a popular video-sharing platform.

The ordeal began when the victim came across an advertisement suggesting that old coins and notes could fetch a substantial price if sold. Interested, he contacted a number provided in the ad and spoke with an individual claiming to be an agent for an “old coin company.” This person, identifying himself as Nitin Kumar, claimed to facilitate such transactions and insisted on a registration fee to proceed.

To gain the victim’s trust, Nitin Kumar shared a copy of his Aadhaar card and convinced the complainant that the coins he possessed were valued at ₹1.24 crore. He also shared a so-called “Rare Coins Promotion Certificate” with what appeared to be a central banking approval, further cementing the scam’s credibility. Following this, the complainant was instructed to make several payments towards registration, GST, and other charges.

As the fraud deepened, another individual entered the picture, introducing himself as a member of a national cyber agency. Using a different number, this person claimed that the complainant’s case had reached official channels and that further payments were needed to avoid arrest. Under pressure, the victim continued to transfer funds via UPI, NEFT, and RTGS across several bank accounts.

---

---

In total, the victim transferred money from five different bank accounts under his or his family members’ names. Each payment was positioned as a prerequisite to release the promised ₹1.24 crore for his old coins. The transactions took place over several months, from September 2024 to May 2025. Only when demands for additional payments continued and one of the callers mentioned an arrest threat did the victim begin to question the legitimacy of the entire affair.

He then consulted family members, who recognised the signs of fraud. Subsequently, he filed a complaint through the cybercrime helpline and formally reported the matter to the local cyber police.

The FIR was registered under multiple sections of the Information Technology Act and the Indian Penal Code, including charges related to identity fraud, criminal intimidation, impersonation, and cheating. The complaint includes the names and phone numbers of three suspected individuals, who posed as agents and officials, as well as details of the bank accounts used to receive the fraudulent transfers.

The rare coin scam is a relatively new one, but it is as dangerous as the others. The modus operandi, once again, targets naive people. There are some coins in the world that are worth considerable amounts, but the process to sell them for money definitely doesn’t involve the potential seller spending any money.