Gold Scams

What is this scam?

Gold occupies a unique position in Indian culture — it is savings, dowry, inheritance, and financial security for families across every income level. India holds an estimated 25,000 tonnes of gold — the largest private gold holding in the world. This cultural significance makes gold fraud one of the most devastating scam categories in India.

How it works — step by step

1. 1

   Fake gold buyer visits home or approaches at market — offers high price — swaps real gold with fake alloy during weighing/testing.

2. 2

   Jeweller purity fraud: melts gold for remaking — returns lower purity or lesser weight.

3. 3

   Gold courier scam: phone call claiming your relative sent gold from abroad — pay ₹15,000 customs to release — no gold exists.

4. 4

   Fake hallmarking: gold sold as 22K with fake BIS hallmark stamps — actual purity 14K or lower.

Common variants (4)

🚩 Red flags — warning signs

• ⚠️Any buyer offering significantly above market rate for your gold
• ⚠️Jeweller who insists on taking your gold to a back room for testing or melting out of your sight
• ⚠️Gold investment scheme promising returns above 8–10% annually
• ⚠️Gold loan offer from an unregistered entity without RBI registration
• ⚠️Any phone call claiming gold has arrived from abroad and requires customs payment

✅ What to do if you've been targeted

1. 1Never let gold out of your sight during testing, weighing, or examination
2. 2Verify hallmarking using the BIS Care app (free on Play Store and App Store)
3. 3Only take gold loans from RBI-registered NBFCs — verify registration at rbi.org.in
4. 4For gold investment — only use SEBI-registered platforms — verify at sebi.gov.in
5. 5Report gold investment fraud to SEBI at sebi.gov.in

📋 Official resources & complaint portals

• →BIS Care app — verify hallmarking
• →sebi.gov.in
• →rbi.org.in
• →cybercrime.gov.in