AI trading scam in Hyderabad - Man loses Rs 2 Crore
A man lost Rs 2 Crore when he was using AI-based trading strategies.
Cybercrime police in Hyderabad received a complaint about a financial scam involving a 70-year-old retired employee. It has lodged a complaint after his son lost Rs 2.03 crore in an investment fraud. In the scam, the scammers posed as professional fund managers using AI-based trading strategies.
The victim of AI trading scam India belongs to Mehdipatnam. He was contacted by individuals claiming to represent a stock investment firm called ‘Schroders North America AI Quantitative Trading Team’. All performance reports, along with a proprietary-looking trading application called the SIMNA app is shown to gain his confidence.
In the process of the trading, the victim transferred Rs 2.03 crore to the scammer’s account. When he attempted to withdraw the amount, they demanded more payments and citing tax liabilities. However, the Hyderabad cybercrime police have registered a case and started the investigation.
Cyber cops in Hyderabad arrest 37, return around Rs 71.91 lakh to victims in Jan
In the last few months, Hyderabad cybercrime police registered 117 FIRs and arrested more than 37 persons from seven states based on the 26 cases in January. Rs 71, 91,371 was collected and returned to the sufferers. As per the police reports, the arrested people were linked to 86 cybercrime cases across India. The total bank transactions are around Rs 65 crore.
In the month of January only, Zonal Cyber Cells received 1,706 complaints through the National Cybercrime Reporting Platform. 315 FIRs are registered against the investment scam Hyderabad.
