Crypto Scam Costs Retired Employee Over Rs 1 Crore: Here’s What Happened

Online investment frauds are increasingly targeting unsuspecting individuals using social media promotions and fake platforms. In one such instance, an 81-year-old retired employee lost about Rs 1.60 crore in a cryptocurrency scam.

How the Fraud Happened

The fraud began last year after the victim came across a promotional video on social media that falsely featured Union Finance Minister Nirmala Sitharaman. According to a report by The Times of India, the video promoted a company identified as Naka Solutions.

Soon after submitting his contact details through the link attached to the video, the victim was contacted on WhatsApp by a person identifying himself as Arjun Reddy, who described himself as a financial advisor associated with the platform.

The fake advisor persuaded the victim to invest through a cryptocurrency trading platform and told him that a trading account had been created on his behalf. The victim was reportedly provided with Web links showing his investment balance. He continued transferring funds after watching videos of investors shown to have earned high returns from the platform.

The victim transferred more than Rs 1.60 crore to multiple bank accounts from February 6 to March 31, 2026. The online platform showed that his investment had increased to around Rs 3 crore.

How the Scam Came to Notice

When the victim attempted to withdraw the amount displayed on the platform, he was asked to pay more Rs 20 lakh as fee by another person who identified himself as a company representative. It was at this point that he became suspicious and realised he may have been defrauded.

The victim later told the police that he realised he had been cheated following the demand for fees during the withdrawal process. He alleged that he lost his lifetime savings, including money borrowed through a loan, and later discovered that the fraudsters had created a fake investment app.

The case shows that fraudsters are increasingly using fake promotional videos, forged investment platforms and cryptocurrency-related investment claims to target people online. Investors should always verify the authenticity of any investment platform, not fall for fake investment offers, and think carefully before transferring money or sharing personal information online.