Onlykashmir.in News Desk
Reports of fake MMTC gold coins circulating in Srinagar markets have sparked serious concern. Members of the gold jewellers community have raised an alarm, revealing that nearly three kilograms of counterfeit coins have found their way into Kashmir, triggering panic among consumers.
Sources within the community told Onlykashmir.in that around four thousand one gram MMTC coins were imported from Delhi to Srinagar. The jewellers’ association, while confirming that the coins are indeed fake, was quick to distance itself from the trader responsible for bringing them into the market.
A senior jeweller, requesting anonymity, said the situation is deeply troubling. “If counterfeit gold starts entering the formal market, it damages the credibility of every honest trader. People trust these coins because they believe MMTC guarantees purity. This incident shakes that trust.”
Consumers, too, are distressed. “These coins are the future savings for people who can’t afford larger gold investments. They have put their hope into these small pieces. Such reports are extremely worrying,” said Noor ud Din, a local buyer.
Another concerned consumer added, “Authorities must act fast. If thousands of fake coins can enter the market once, what’s stopping it from happening again? This is not just fraud, it’s a threat to public trust.”
Jewellers have urged the administration to launch a thorough investigation, trace the supply chain, and take strict action against those involved. Meanwhile, the public is being advised to verify coins through authorised dealers and insist on proper certification to avoid falling victim to fraud.
