VVIP Coin Sets: The scandal that's rocking the market

In recent times, there has been a huge scandal of fake VVIP Coin Sets being sold as original at numismatic exhibitions, online platforms and at social-networking sites. These fake sets are often produced with the intention to deceive collectors or unsuspecting buyers into believing they're acquiring valuable sets.

The tower type sets are usually presented to the delegates who are invited as the guest of honour for the release of the commemorative coins. These sets are only limited to a maximum of 5-6 numbers whereas the frame sets are limited to one or two from India Government Mint.

For the last five to six years, many coins in tower type sets and frame sets were made by one such dealer and sold at a huge amount. 

They're often available only after the booking of the coins from India Government Mint. For example, the Proof Set of Raja Ram Mohan Roy was issued at ₹3697, they remove the coin from Proof Set and are sold with the replicated tower at ₹10,000-₹12,000. Another instance where a VVIP set of New Parliament Complex was sold at around ₹8,000-₹9,000. 

How come a dealer can precure the sets when there was only one frame and two tower sets which were released by the Prime Minister Shri Narendra Modi, Lok Sabha Speaker Shri Om Birla and Deputy Chairman of the Rajya Sabha Shri Harivansh.

Fake sets refer to collections of counterfeit or fraudulent sets that are designed to mimic genuine sets. The India Government Mint should take appropriate action on those who are involved in such activity. 

However, It's important to exercise caution when purchasing such VVIP sets or individual coins, especially from unofficial sources or online platforms. These sets might harm you legally as well as financially where the replicated sets don't hold any numismatic value when you're willing to sell your collection.