Hyderabad man loses ₹3.6 lakh in rare coin scam
HYDERABAD: A 57-year-old resident of Bowenpally lost ₹3.6 lakh after being duped by fraudsters running a fake antique coin and currency collection scheme.
Police said the fraudsters posted a Facebook advertisement under the name “Indian Coin Company,” claiming to buy rare coins for ₹95 lakh. The victim shared photos of his coins, along with his Aadhaar card and personal details, believing the offer was genuine.
Fraudsters demanded repeated payments
The accused then sought multiple payments on various pretexts including documentation, GST, delivery charges, flight tickets, customs clearance, accidents, police bribes, hotel expenses, and “processing fees.” Trusting their assurances, the victim borrowed money from relatives and transferred a total of ₹3,61,847.
Case reported on cybercrime portal
The fraud came to light on September 21, 2025, after which the victim lodged a complaint on the cybercrime portal (www.cybercrime.gov.in). Authorities have urged the public to remain alert against such scams.
Advisory issued by cybercrime police
Officials said fraudsters are using Facebook and WhatsApp to post fake ads claiming to buy old coins and fancy currency notes for crores of rupees.
“No genuine company offers crores for antique coins or currency notes. Citizens must avoid sharing Aadhaar, PAN or personal documents with unknown entities and should never transfer money on promises of advance payments,” an advisory stated.
People can report cyber frauds on the 1930 helpline or www.cybercrime.gov.in. In emergencies, victims may also call or WhatsApp 8712665171.
For cyber safety updates, police advised the public to follow official pages on Facebook (cybercrimepshyd), Instagram (@cybercrimepshyd), and X (CyberCrimeshyd).
