₹1 Crore for Old ₹5 Note? Faridabad Man Scammed on Facebook, Loses ₹1.02 Lakh

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A Faridabad resident lost ₹1.02 lakh after falling for a scam promising ₹1 crore for an old ₹5 note.

The Scam Unveiled

A Faridabad resident suffered a financial loss of ₹1,02,267 after engaging with a fraudulent advertisement promising a reward of ₹1 crore for an old ₹5 currency note featuring a tractor design. The scam involved repeated requests for payments under the guise of customs, tax, and administrative fees before the perpetrators vanished.

The Victim’s Experience

The incident occurred in Haryana’s Faridabad, where a local individual fell victim to a scheme involving the purchase of vintage currency notes. The victim, identified as Sunil Kumar Jain from Sector-8, encountered an advertisement claiming to buy rare old coins and notes at inflated prices. Upon contacting the provided phone number, the individual was directed to a caller posing as a representative of a currency exchange company.

The Fraudulent Process

The fraudster asserted that the victim’s ₹5 tractor-design note was exceptionally rare and valued at ₹1 crore. To validate the offer, the scammer outlined a purported formal payment process, requiring the victim to settle multiple fees. These included airport charges, security costs, customs duty, GST, sales tax, and other processing expenses. The perpetrators assured the victim that these payments were mandatory to release the funds, which would then be transferred directly to his bank account.

Between 14 July and 21 July, Sunil Kumar Jain made several bank transfers totaling ₹1,02,267 to accounts specified by the fraudsters. Despite fulfilling these demands, the accused failed to deliver the promised amount or refund the payments. Instead, they allegedly continued to fabricate excuses and requested further transactions.

Investigation and Authorities

Realizing the deception, the victim reported the case to the Cyber Crime Police Station in Ballabhgarh. Investigations are underway to trace the suspects by analyzing mobile numbers, bank accounts, digital payment records, and call logs. Authorities are also examining the financial trail to determine if the fraud involved multiple accounts or a coordinated cybercrime network.

Expert Advice

Cybercrime expert and former IPS officer Prof. Triveni Singh highlighted the rising prevalence of scams targeting rare currency notes and collectibles. He noted that fraudsters often lure victims with unrealistic offers, followed by demands for advance payments under false pretenses such as clearance fees, taxes, or insurance. Singh emphasized that individuals should avoid transferring funds to unverified parties based solely on promises of large payouts for collectible items.

Preventive Measures

Cybersecurity professionals advise users to remain vigilant against social media advertisements offering unusually high returns for old currency notes or coins. Any entity requiring upfront payments before processing a transaction should be considered a red flag. Victims of similar frauds are encouraged to report incidents promptly through the National Cyber Helpline 1930 or the National Cyber Crime Reporting Portal to initiate immediate recovery and investigative measures.

Conclusion

This incident underscores the importance of skepticism and caution when dealing with unsolicited offers, especially those involving high-value items or financial transactions. Staying informed and verifying the legitimacy of such claims can prevent falling prey to cyber frauds.