Elderly man duped of ₹4.27 lakh in online coin sale scheme

A 74-year-old man from Ramnagar, Hyderabad was duped of ₹4.27 lakh in a total of 28 UPI transactions in a fake coin sale scheme. The scam unfolded after the victim came across a Facebook advertisement claiming that old coins could fetch crores in resale value.

Intrigued by the offer, the man contacted a number listed in the advert and was approached by a person identifying himself as Manoj Kumar, along with several unidentified accomplices. The gang convinced the victim that his collection of coins was worth ₹72 lakh and began demanding payments under various pretexts including registration, coin verification, RBI clearance certificates, travel and accommodation and courier fee among others.

The investigation revealed that over the span of six weeks, from February 14 to March 26, the man was made to transfer money through 28 UPI transactions. The total loss amounted to ₹4,27,590.

Initially, the accused maintained contact, reassuring the victim that his payment would be processed soon. However, once the transfers were completed, they became evasive and eventually began threatening him when he demanded the promised amount.

Left financially devastated after borrowing money from relatives to make the payments, the victim lodged a complaint with the cyber crime wing of the Hyderabad Police. A case was booked and an investigation is underway.