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

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.

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.