Stop! That ₹72 Lakh coin offer on WhatsApp is a total scam

Are you enticed by the offer you are getting for your old coins? It might be a scam. Read this before anything.

Lately, social media is crawling with ads promising sky-high payouts for old ₹5 or ₹10 coins, lakhs, even crores. It looks tempting. But this promise is part of a scam: flashy ads, fake assurances, upfront fees and ultimately, nothing but empty wallets. Here’s what’s really going on and how to stay clean of it.

How the scam works

The coin scam in India is more serious than it looks.

Scammers run ads on Facebook, Instagram, YouTube: “Your ordinary old coins can fetch you lakhs!” These posts often use fake RBI logos, testimonials, and claims that some lucky sellers already got paid huge sums. Interested people call or message; then the fraudsters “evaluate” the coins and declare them worth far more than any reasonable market value.

Next comes the trap: you’re asked to pay for “verification fees,” “processing charges,” “RBI clearance,” or “courier and insurance” costs. They push urgency: “Pay now, or you lose the deal,” “Buyer backing out,” or “you’ll face trouble if you don’t comply.” Behind this smooth act, victims are pressured into doing multiple small payments, usually via UPI, NEFT, or other bank transfers. Once enough is paid, or the victims pushed further, the scammer disappears.

Real cases that show the damage

One elderly man from Ramnagar, Hyderabad lost ₹4.27 lakh after responding to such an ad. He was promised ₹72 lakh for his coins, but ended up paying verification, processing, and so many fees that he had to borrow money from family before realizing it was a scam.

In another case, someone in Rewa (Madhya Pradesh) lost around ₹60,000 after coins were declared worth “crores.”

Why RBI NEVER buys old ₹5/ ₹10 coins this way

Here’s a simple truth: RBI does not buy old ₹5 or ₹10 coins from individuals, nor does it ask people for verification or processing fees for such sales.

These practices, asking for upfront payments, using fake certificates, is outside any legal or institutional framework. It’s a FRAUD.

Red flags: What to watch out for

• When the “buyer” asks for an upfront fee—no matter how small—this is usually a scam.
• Fake logos, credentials, or claims of government ties are often sloppy or manipulated.
• Demands for personal ID, Aadhaar, selfies way before any verification or payment.
• Offers that seem too good to be true (they usually are).
• Multiple escalating fees with different pretexts.

What to do if you fall victim