Scammers use ads to make quick buck

Police warn against ads promising new notes in exchange for old D500, D1,000, bogus investment opportunities; cash-strapped BBMP gets D22 cr in taxes so far

Published: 23rd November 2016 02:09 AM  |   Last Updated: 23rd November 2016 02:09 AM   |  A+A-


Two weeks after the demonetisation move, several banks in the city continue to receive hundreds of people daily for exchange of old notes and withdrawal; (left) a notice kept outside an ATM kiosk on A

By Express News Service

BENGALURU: Making best use of the demonetisation move, scammers have gone to the extent of giving classified ads promising to convert old notes to new ones. A few of these ads appeal to the public to invest the wealth instead of destroying it.

Income Tax Department officials say they are aware of the advertisements and will take appropriate action.
One such ad which appeared in a Kannada newspaper has gone viral on social media owing to the promises. According to the advertisement posted by Om Ashrama and Charitable Trust, the Trust offered to exchange old Rs 500 and Rs 1,000 notes for two days. “On a commission basis, you can convert old currency notes worth lakhs to crores,” the advertisement promised. It also provided two contact numbers.
When one of the numbers was contacted, a man said that the advertisement was posted to bring disrepute to the charitable organisation. The man refused to identify himself. The second number provided in the ad was switched off.

Another newspaper ad which went viral posed a question — “Why do we throw Rs 500 & Rs 1,000?” The ad by Varam Educational and Charitable Trust from Chrompet in Chennai read, “Notes in the bin and that will be sin. To win Baba’s blessing, put into Baba’s Temple project”, clarifying that the Trust would accept Rs 500 and Rs 1,000 notes.

Ads for investment
On Quora, an online community, one such ad appealed to the fears of people who have unaccounted wealth. Rather than asking people to donate the money to a charitable enterprise, the ad requested people to invest in a business. “Please don’t destroy money you have. You can buy shares in my Company (Pvt Ltd) which is an internet company. I will not get any IT inquiry. Or send the more money I will pay TAX and I will manage it. So it is a win-win situation,” the ad read. It was posted by Dhawal Gupta.

‘Don’t fall prey’
A spokesperson at the IT department office in Bengaluru warned people against such misleading ads. “In the past two weeks, we have received four to five similar complaints where promises of converting notes to new denominations were made. People should not fall prey to such misleading ads and should immediately inform the authorities concerned,” he said.
Both the intelligence and investigation wings of the Income Tax Department are looking into such ads. People involved in any kind of criminal activity will be brought to book, the spokesperson said.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp