Cyber Scam Over Antique Coins Ends in Tragedy: 60-Year-Old Man Dies by Suicide After Rs 2 Crore Fraud

 

Introduction

In a deeply disturbing incident that highlights the devastating human cost of rising cybercrime in India, a 60-year-old man from [city/state placeholder – insert based on source] died by suicide after allegedly being duped in a Rs 2 crore antique coin scam. The victim, a retired government employee, had fallen prey to cyber fraudsters who convinced him that rare coins in his possession could fetch crores through an international buyer.

The scam not only drained him financially but also pushed him to the edge emotionally—raising serious concerns about the psychological toll of digital fraud.

The Setup: How the Scam Worked

According to the police investigation, the man was contacted via phone and WhatsApp by individuals posing as antique coin dealers and agents representing international buyers.

Key elements of the scam:

• The scammers claimed that certain British-era coins the victim owned were “extremely valuable” and could be sold to collectors abroad for over Rs 2 crore.

• They demanded processing fees, export clearance charges, verification costs, and customs documentation from the victim—amounting to several lakhs over a few months.

• The man reportedly mortgaged his property and took loans from friends and relatives to continue paying these “charges”.

• Eventually, when demands kept increasing and no transaction took place, he realized it was a fraud.

Despite confronting the fraudsters, he was allegedly threatened and mocked, deepening his sense of helplessness.

The Tragic Outcome

In a heart-wrenching turn, the victim reportedly shot himself with a licensed revolver at his residence. A suicide note was recovered, clearly stating that he had been cheated of his life savings and could no longer bear the shame or financial burden.

The family is devastated and has appealed for justice. Local police have registered a case under:

• Section 420 (cheating) of the IPC,

• Information Technology Act for cybercrime,

• And are pursuing leads with the help of the cyber crime cell and telecom tracing teams.

The Bigger Picture: Rise in Cyber Scams Targeting Senior Citizens

This case reflects a growing pattern of cyber scams that prey on emotionally vulnerable and financially insecure individuals, especially senior citizens.

Common traits of such scams:

• Promises of rare riches through antique coins, collectibles, or inheritance claims.

• Use of fake websites, forged government documents, and real-time video calls to build credibility.

• Constant pressure to pay small fees that escalate into a huge financial loss.

• Psychological manipulation and isolation of the victim from their family.

According to data from the National Crime Records Bureau (NCRB), cyber fraud involving fake antique sales and fake auctions has risen over 300% in the last two years.

What Can Be Done? Expert Advice and Awareness Measures

For the Public:

• Never send money for verification, customs, or buyer registration without legal proof.

• No coin or antique sale requires “upfront processing charges”.

• Verify claims through official agencies such as the Archaeological Survey of India (ASI) or consult legal antiques dealers.

For Law Enforcement:

• Implement a central reporting portal for antique coin frauds.

• Partner with banks and mobile networks to track suspicious financial behavior early.

• Launch targeted awareness drives for senior citizens in urban and rural areas.

Conclusion

The tragic death of a 60-year-old man over an antique coin scam is a grim reminder of how sophisticated cybercrime has become and how it can reach deep into the lives of ordinary people. While financial losses can be recovered in some cases, the emotional trauma and loss of life are irreversible.