South African woman loses cash in elaborate coin scam

A SOUTH African woman has come forward with a chilling account of how she lost R2 400 in a sophisticated scam involving supposed coin buyers - a case now under investigation by well-known private investigator Mike Bolhuis.

- TRACY-LYNN RUITERS

According to Bolhuis, this is just one example of the growing number of scams targeting individuals who are misled into believing their ordinary coins are worth millions.

In this particular case, the woman was promised a payout of R40.3 million in exchange for coins she believed to be valuable, including Mandela R5s.

The scammers posed as representatives from companies claiming to buy rare and historic coins. The woman said she was asked to pay an initial registration fee of R200, which she did, thinking it was standard procedure.

Soon after, she was given a choice: have the money deposited into her account or delivered in person. She opted for the deposit but was then told she needed to send her coins by post first - something she was uncomfortable doing.

"I didn’t want to post the coins. What if they got lost? And they could just put a hold on the money until they said they received them," she said.

When the supposed deposit failed, she was told to pay a R350 'release fee' to activate the funds. She paid again. But still, no money came through.

That’s when the scammers changed their story. She was told the money would be delivered in person but only if she paid R1 250 for the delivery.

Unable to afford the full amount, the "agent" offered to accept R650 up front and collect the remaining R600 upon delivery.