The “currency note scam” usually refers to a set of frauds where criminals trick people using fake, damaged, or discontinued currency notes, or by exploiting people’s lack of knowledge about currency rules. There are several common versions:
🕵️♂️ 1. Fake Currency Exchange Scam
Scammers give counterfeit notes while pretending to exchange money. This often happens:
- Near ATMs
- In crowded markets
- Around foreign exchange points
How it works:
A scammer asks you to “break” a large note (e.g., ₹2,000 or $100). When you hand over change, they quietly swap the original note with a counterfeit one and accuse you of giving them a fake note.
🪙 2. “Dye-stained Currency” Scam
Scammers offer people bundles of notes stained in dye or ink. They claim:
- The notes came from a bank ATM malfunction
- They were accidentally damaged
- They are “washable” and can be restored
Victims buy the bundles at a discount, only to discover the notes are discarded or worthless.
🧳 3. Black Money / “Magic Chemical” Scam
A very old scam where con artists show black-coated currency notes and claim they can “clean” them with a special chemical to reveal real money.
They demonstrate using sleight of hand, then convince the victim to invest in purchasing and “cleaning” large bundles — which are actually just black-painted paper.
🏦 4. Discontinued Note Scam
Criminals trick people by claiming old or withdrawn notes (like the old ₹500 and ₹1000 in India) can still be exchanged.
They offer to convert them at a discount, and victims end up with worthless notes.
💰 5. ATM Cash-Trapping Scam
Scammers place a trap inside an ATM’s cash dispenser so the machine holds back notes.
A victim walks away thinking the ATM malfunctioned.
The scammer later retrieves the stuck cash.
🔑 How to Protect Yourself
- Never exchange money with strangers.
- Count cash carefully and check security features.
- Do not accept damaged or suspicious notes.
- Deal only with banks or licensed money changers.
- Avoid “too good to be true” offers involving currency.
