World of Coins

Collecting coins => The law, breaking it, international shipping => Topic started by: Bimat on January 08, 2021, 03:48:30 PM

Title: Rare Coin Scam Busted in Mumbai
Post by: Bimat on January 08, 2021, 03:48:30 PM
Mumbai crime watch: Khar cops bust rare coin scam, one held

Updated on : Thursday, January 7, 2021, 12:10 AM IST

The Khar Police have busted a rare coin’s scam wherein a British citizen allegedly duped a number of investors, luring them to buy these coins for trading and then giving them fake ones. While the mastermind of this scam, Isa Ahmed Khan, a British citizen is on the run, police arrested his associate, Aamir Yakub Shaikh, 30, for his involvement in the scam.

On November 30, the complainant had approached police claiming that he has been duped of ₹72 lakh in the name of investment in the rare coin trading. When police learnt about the case, they searched Khan's office premise, which was cleared out before police could take any action. A further probe revealed that Khan had duped a number of people using the same modus operandi, wherein he has also established an office in Bengaluru's plush corporate area.

Khan had made over six fake websites, wherein he had offered to trade rare coins for people who were willing to invest, wherein the article's value in the international market was said to be in lakhs. Falling prey to the scam, the accused defrauded people. When the victims, however, asked for the rare coins they had paid for, Khan sent them coins in a minted box, stating that they should not open it as it degenerates its value for further trading purposes.

After the complainant opened the box to check for authenticity, it was revealed that the rare coins were fake. A detailed probe revealed that Khan has outsourced these coins from Shaikh, who brought these 'rare coins' from Chor Bazaar in south Mumbai and duped people of crores of rupees. Police have seized over 917 fake rare coins from Bengaluru and Mumbai and have frozen six bank accounts, which has ₹1.11 crore. Meanwhile, police have issued a lookout notice for Khan and his wife.

Source: Free Press Journal (https://www.freepressjournal.in/mumbai/mumbai-crime-watch-khar-cops-bust-rare-coin-scam-one-held)
Title: Rare Coin Scam Busted in Mumbai
Post by: Bimat on January 08, 2021, 03:49:27 PM
Name of the company involved in this scam is Ea Rarcoa Collectibles Private Limited.

Aditya
Title: Re: Rare Coin Scam Busted in Mumbai
Post by: idiotghost on January 08, 2021, 08:09:06 PM
Just curious: What were these supposedly "rare coins"?
Title: Re: Rare Coin Scam Busted in Mumbai
Post by: Figleaf on January 08, 2021, 08:14:44 PM
And what is a minted box? A kilo of peppermint flavoured sweets in a carton? >:D

Peter