Man loses Rs 2 Crore in Mehdipatnam 'AI trading scam'

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.