Hyderabad: A 57-year-old man from Bowenpally fell victim to an antique coin scam Hyderabad and lost ₹3.61 lakh after responding to a fake advertisement on Facebook.
Fraudsters posed as company officials
Scammers, posing as representatives of a bogus “Indian Coin Company” in Delhi, contacted him after he showed interest in their post. They promised a payout of ₹95 lakh in exchange for his old coin collection.
The fraudsters first asked for images of his coins, along with his photo and Aadhaar details. They then made repeated demands for money, citing reasons such as GST, documentation, delivery fees, customs clearance, accident compensation, police bribes, and hotel expenses.
Victim borrowed money before realising fraud
Believing their assurances, the victim borrowed from relatives and transferred ₹3,61,847 in multiple instalments. When no promised payment was made, he realised he had been cheated and lodged a complaint on the national cybercrime portal on September 21.
Police caution against similar scams
Cybercrime police warned citizens against falling for online advertisements related to coins and currency investments. They said fraudsters often target victims through social media platforms.
