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| - Fact Check: Fraudulent Claims of Buying 786 Number Note for Lakhs, RBI Issues Warning
Fraudsters are committing scams under the guise of selling notes with serial number 786, demanding a fee for an alleged RBI permission letter. However, the RBI has previously issued warnings against such frauds, clarifying that it has not authorised any individual or organization for these transactions and does not charge any fee for them.
- By: Sharad Prakash Asthana
- Published: Jan 22, 2025 at 02:14 PM
New Delhi (Vishvas News). Several posts are going viral on social media, claiming that notes with specific serial numbers can be bought and sold for large amounts. One such claim suggests that a note with serial number 786 can fetch 12.8 lakh. These posts, shared by an Instagram handle, often include a contact number.
Vishvas News investigated the matter and found it to be a fraud. The fraudsters lure people by promising them a large sum of money and demand Rs 750 as a fee for RBI’s permission letter. However, the Reserve Bank of India (RBI) has clarified that it does not charge any such fee or commission transactions related to old bank notes and coins. The RBI also issued a warning to the public about such scams.
What is in the viral post?
Instagram user 786_note_shop_786 shared a post (archive link) on January 20, 2025, with the caption, “The price of 786 serial number will be Rs 12 lakh 80 thousand”. A mobile number is also mentioned.
A similar claim was made in another post from the same account on January 20, 2025, but with a different mobile number.
Investigation
To verify the authenticity of the viral claim, we first checked the post and found that some users have called it fake.
We called the number mentioned in the post. Initially, we were asked to share a photo of the note with the serial number 786 via WhatsApp. After sending the photo, the person on the other side requested our name, full address, passport-size photo, and Rs 750 as a government permission fee. After this, they said that a team would visit our house within 24-48 hours to collect the note and pay its price.
For more information, we called the given number again and asked for information about government permission. The man on the other end introduced himself as Jitesh. He said, “For accepting such notes, permission has to be taken from RBI. They issue a letter for which a fee is charged, which is Rs 750. Without that, their team cannot accept the notes. The money for this will also be given by the government. He is only an agent. The company gives the approval letter. Its permission goes into the records of RBI. The permission letter for dealing in notes will then be given to you by the company.”
“After taking the note with serial number 786, they will make the payment in cash or online or by cheque, whichever the user wishes. The name of the company is Old Coin Mumbai, which is based in Kandivali,” he added.
We searched the Old Coin Company Mumbai on Google and discovered many people have reviewed it as fraud.
According to the press release issued by RBI on August 4, 2021, “Some people are using the name of RBI for fraud. On various online/offline platforms, fraudsters are demanding fees in the name of RBI in cases of purchase and sale of old bank notes or coins. RBI does not transact in any such case nor does it demand any such fee. No one on behalf of the institution has been authorized to charge fees in such transactions.”
Earlier, a claim went viral, alleging that the central government has announced plans to buy old coins and notes. In the investigation, Vishvas News found this claim to be fake. At that time, Vishvas News spoke to an RBI spokesperson, who clarified that RBI does not authorise any person or organisation to buy or sell old notes or coins. People have already been warned about such scams.
The user who shared the post about buying the note with number 786 has shared many similar posts.
Conclusion: Fraudsters are committing scams under the guise of selling notes with serial number 786, demanding a fee for an alleged RBI permission letter. However, the RBI has previously issued warnings against such frauds, clarifying that it has not authorised any individual or organization for these transactions and does not charge any fee for them.
- Claim Review : In exchange for the note with serial number 786, you will get Rs 12 lakh 80 thousand.
- Claimed By : Instagram user 786_note_shop_786
- Fact Check : False
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