Promised Rs 11 lakh for old Rs 5 note, retired bank employee in Karnataka loses Rs 52 lakh to cyber fraud

A 62-year-old retired bank employee in Karnataka allegedly fell prey to a cyber scam where he was promised a huge sum of money for old currency and ended up losing more than Rs 63 lakh over four months, the police said.

On August 24, the victim, Shivaram Purohit, filed a complaint at CEN police station in Dharwad saying that while browsing Instagram, he came across an account named ‘SNS Investment Old Coin Gallery, Mumbai’. Purohit claimed that as per the account, the company collected old coins and notes and paid a huge sum in return.