Young Mumbai Student Duped of ₹22 Lakh in a Rare Coin Scam

The newest scam to hit Mumbai is the rare coin scam. Cyber fraud continues to evolve with new tactics that exploit curiosity and trust. A shocking incident reported in June 2025 at Mumbai’s Cyber Police Station reveals how a 22-year-old college student was tricked into paying over ₹22 lakh in a rare coin scam

The victim is a final-year BMS student from a reputed college in Juhu. He resides in Andheri West, Mumbai, and manages a savings account with Axis Bank—an account originally opened as a minor, later transitioned into a personal account upon turning 20. The account, funded by his parents for his education, became the unintended channel through which the scam drained funds.

In June, while scrolling through Instagram, he encountered a pop-up advertisement claiming to offer crores in exchange for old Indian coins. Curious, he WhatsApped the given number, sharing images of five coins in his possession. A man identifying himself as “Pankaj Singh” responded, claiming to work for a company called “Old Coin Shop.”

Pankaj Singh told the victim he could earn ₹98 lakhs for his coins, but first needed to complete an RBI registration form sent via WhatsApp. He was instructed to pay a registration fee of ₹699. Excited by the prospect of a windfall, Akshay paid the amount through Google Pay and shared the screenshot.

After the initial payment, the fraudster demanded additional charges for taxes and other processing fees, gradually entrapping Akshay in a cycle of payments. Trusting the process and convinced of a major payout, Akshay ended up transferring large sums from his Axis Bank account.

Here are just a few of the payments he made:

• ₹5.18 lakh
• ₹6.99 lakh
• ₹3.36 lakh
  Multiple payments totalling ₹22,08,275 across several accounts

Each time, Akshay was promised that the money was required to clear final hurdles in releasing his ₹98 lakh “payout.” To deepen the scam, Akshay was later contacted by a person claiming to be from the CBI (Central Bureau of Investigation), identifying himself as “V. M. Goswami.” He told Akshay the earlier scammers had been arrested, and that to “unfreeze” his recovered funds, Akshay needed to pay another ₹6.3 lakh. That’s when the student realised he had been duped. The case has been registered under various sections of the Indian Penal Code and the Information Technology Act, covering identity theft, financial fraud, impersonation, and conspiracy.

This incident is a strong reminder of how easily one can fall for internet scams, especially those that tap into dreams of quick money. From fake investment platforms to bogus rare coin buyers, scammers are exploiting every niche of public interest.

The Vigilant Blog

Covers the crime beat, spreading awareness about crimes, scams and everything dastardly.

thevigilantblog