Hyderabad Man Loses ₹2.03 Crore in AI-Based Stock Trading Cyber Scam
A Hyderabad man was allegedly cheated of ₹2.03 crore by cyber fraudsters who lured him with promises of high returns through a fake AI-based stock trading platform. The accused used a fraudulent mobile app displaying inflated profits to gain the victim’s trust. When he attempted to withdraw funds, additional charges were demanded under various pretexts. The Hyderabad Cybercrime Police have launched an investigation and are examining bank transactions and digital evidence linked to the scam.
Hyderabad Man Duped of ₹2.03 Crore in AI-Based Stock Trading Scam
Hyderabad: In a major case of cyber financial fraud, a resident of Mehdipatnam was allegedly cheated of over ₹2.03 crore by fraudsters who lured him with promises of high returns through an Artificial Intelligence (AI)-driven stock trading system.
According to preliminary reports, the victim came into contact with unidentified individuals on social media, who claimed to represent a reputed investment firm offering professional stock market guidance. The accused allegedly showcased fabricated performance reports and claimed that their AI-powered trading platform generated consistent and substantial profits for investors.
Trusting their claims, the victim downloaded a mobile trading application suggested by the fraudsters. Between December 12 and January 8, he transferred funds in multiple phases. The application reportedly displayed inflated virtual profits, encouraging him to invest larger sums.
However, when the victim attempted to withdraw his returns, the fraudsters demanded additional payments under various pretexts, including processing charges, tax clearance fees, and account verification costs. In an effort to secure the promised payout, the victim allegedly mortgaged one of his properties and transferred additional funds.
In total, the victim transferred approximately ₹2.03 crore, but was ultimately denied access to any withdrawal. Realizing he had fallen prey to a sophisticated scam, the family approached the Hyderabad Cybercrime Police, who have initiated an investigation. Authorities are currently examining bank transactions, the digital trail, and the legitimacy of the fraudulent application.
Fraud Breakdown Chart
| Stage | Fraud Tactic Used | Impact on Victim |
|---|---|---|
| Initial Contact | Social media approach claiming to be an investment firm | Built initial trust |
| Credibility Building | Fake AI-based performance reports | Increased confidence |
| App Installation | Download of fraudulent trading app | Controlled investment interface |
| Profit Display | Inflated virtual returns shown | Encouraged larger deposits |
| Withdrawal Attempt | Demand for extra charges | Financial pressure created |
| Final Outcome | No withdrawal allowed | ₹2.03 crore loss |
This incident serves as a stark reminder of the growing threat of AI-enabled cyber frauds. Authorities have urged citizens to exercise caution while investing through online platforms and to verify the authenticity of any firm promising unusually high returns. As technology evolves, financial awareness and digital vigilance remain the strongest safeguards against such sophisticated scams.
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