Agra: A promise of huge profits from cryptocurrency investment on social media allegedly turned into a devastating financial and personal ordeal for an elderly man in Agra. Rakesh Sharma, a resident of Harmony Residency on Fatehabad Road, allegedly lost ₹16.17 lakh between January 13 and February 9 after being drawn into an investment scheme. His family has alleged that his health suddenly deteriorated following the fraud and that he died on February 9. His son, Nakul Sharma, has reported the matter through the cybercrime portal.
According to the complaint, Rakesh Sharma came across an advertisement on social media for an organisation called ‘Naka Solution’. The advertisement allegedly promised substantial returns from investments in foreign cryptocurrencies. After contacting the mobile number provided in the advertisement, the person answering the call allegedly introduced himself as the company’s director, Sitaram, and connected Sharma with an alleged adviser, Sakshi Jaiswal.
Investment Scheme Allegedly Started With ₹8,500
The alleged investment process initially began with a payment of ₹8,500. Sharma was then provided access to an application that displayed his investment growing with profits. The daily profits shown on the application allegedly encouraged him to invest more money.
According to the family’s complaint, around ₹9 lakh was deposited between January 13 and February 9. The application allegedly continued showing increasing profits, but when Sharma sought to withdraw his money, the alleged fraudsters demanded additional payments.
More Money Demanded in the Name of Withdrawal
According to the complaint, Sakshi Jaiswal allegedly told Sharma that he needed to deposit another ₹3.66 lakh to convert the cryptocurrency into Indian currency. Separately, a person identified as Amit Patel allegedly collected ₹3.65 lakh from him on February 5 in the name of a Barclays Bank guarantee.
With these payments, the total amount allegedly taken from Sharma reached ₹16.17 lakh. However, he reportedly received no money in return.
On February 9, Sharma’s health suddenly deteriorated and he died. His family has alleged that the financial and mental shock caused by the cyber fraud contributed to his deteriorating condition. However, the exact medical cause of death and any direct connection between the alleged fraud and his death will have to be established through investigation and medical evidence.
Bank Records Reveal Multiple Transactions
After his father’s death, Nakul Sharma approached the bank to obtain details of his accounts and discovered multiple transactions made during the period in question.
The investigation found that money from Sharma’s State Bank of India account had been transferred to accounts with Bank of Maharashtra, Bandhan Bank and other banks. The transactions are now being examined to determine where the money ultimately went.
According to DCP Cyber Crime Aditya Singh, money from the elderly man’s account was transferred into multiple bank accounts. Details of those accounts are being collected, while investigators are tracing subsequent transactions to identify the people allegedly involved in the fraud.
Earlier Case Also Linked Cyber Fraud to Death
Another case involving alleged cyber fraud had emerged in the Jagdishpura area around two years ago. A teacher was allegedly subjected to a “digital arrest” scam in which fraudsters threatened her with the arrest of her daughter and demanded money.
The woman reportedly became extremely frightened during the incident and later died of a heart attack. The case had highlighted the serious psychological impact that cybercrime can have on victims and their families.
Experts Warn Against Unverified Investment Offers
Cybersecurity experts advise people not to trust investment advertisements appearing on social media without independently verifying the platform and the organisation behind it. Schemes promising unusually high or guaranteed returns should be treated with particular caution.
Before investing in cryptocurrency or any other financial product, investors should verify the company’s identity, regulatory status and official credentials through reliable sources. Money should not be transferred merely because an unknown person claims to be an investment adviser.
Experts also warn that demands for additional payments in the name of taxes, conversion charges, bank guarantees or withdrawal fees can be a major warning sign of investment fraud. If an investment platform refuses to release funds unless further money is deposited, users should stop making payments and immediately report the suspected fraud to their bank and the appropriate cybercrime authorities.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
