India Fraud Case: Scam Offers Rs 48 Lakhs with Old Notes

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Old Note Scam in Ajmer Leaves Retired Teacher $450,000 Short

A retired private school teacher in Ajmer, India, recently fell victim to a sophisticated cyber scam, losing approximately $450,000. The scheme revolved around a false advertisement promising an old Indian rupee note featuring a tractor image could be exchanged for a substantial sum, specifically Rs 48 lakh (approximately $660,000).

According to the victim, the advertisement appeared on their mobile device, showcasing the old note with the tractor image. It claimed that anyone possessing this specific note could sell it for a handsome return. The retired teacher, with years of professional experience, initially believed the promise and contacted the number provided in the ad.

The alleged dealers presented themselves as major players in the market for old coins and notes. They assured the victim that her note was genuine and would yield the promised amount, but only if certain “official formalities” were completed. These formalities included paying processing fees, RBI clearance costs, file charges, Goods and Services Tax (GST), and transfer duties.

As the demands for payment escalated, the victim deposited funds into various bank accounts under pressure. However, the scammers’ tactics eventually became apparent, and the victim realized the severity of the situation. Upon requesting a refund, the scammers threatened the victim and discontinued communication, leaving them out of pocket to the tune of approximately $450,000.

Vigilance Needed

The incident highlights the need for vigilance and awareness regarding potential scams, particularly those involving online transactions and promises of unusually high returns. Law enforcement agencies must also remain proactive in addressing these types of crimes and educating the public about the risks involved.