Hyderabad: Man duped of Rs 2.03 crore in AI-based stock trading fraud

A Mehdipatnam resident was allegedly cheated of Rs 2.03 crore by cyber fraudsters who promised high returns through an artificial intelligence-based stock trading app. Hyderabad Cybercrime Police have registered a case and are probing the digital and financial trail

Hyderabad: A man from the city was allegedly cheated of over Rs 2.03 crore by cyber fraudsters who lured him with promises of high returns through artificial intelligence-based stock trading.

The man from Mehdipatnam came into contact with unidentified persons on social media who claimed to represent an investment firm offering stock market guidance. They allegedly told him that their AI-driven trading system generated substantial profits for investors and shared fabricated performance reports to gain his trust.

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Believing the claims, the victim downloaded a mobile application suggested by the fraudsters and began transferring money in phases between December 12 and January 8. The app also displayed inflated virtual profits, encouraging him to invest more.

Subsequently, when he attempted to withdraw the returns, the fraudsters allegedly demanded additional charges under various pretexts. In a bid to secure the promised payout, the victim even mortgaged one of his properties and transferred more funds. In total, he is said to have transferred Rs 2.03 crore. However, he was ultimately denied access to any withdrawal.

Realising that he had been duped, the family approached the Hyderabad Cybercrime Police, who are now investigating the case. They are verifying the bank transactions and digital trail linked to the fraudulent app.