What appeared to be a sophisticated investment opportunity turned into a major financial loss for a family in Hyderabad, after cybercriminals used AI-themed trading claims to carry out a large-scale scam.
Cybercrime police in Hyderabad registered a case following a complaint involving a 70-year-old retired employee from Mehdipatnam, whose son lost ₹2.03 crore in an alleged investment fraud. The scam involved fraudsters posing as professional fund managers using AI-driven trading strategies.
According to the complaint, the victim was contacted by individuals claiming to represent a stock investment firm named ‘Schroders North America AI Quantitative Trading Team’. To gain trust, the scammers shared performance reports and introduced a proprietary-looking trading application called the SIMNA app.
Believing the investment to be genuine, the victim transferred ₹2.03 crore to bank accounts linked to the fraudsters. When he later attempted to withdraw the funds, the scammers demanded additional payments, citing tax-related liabilities. Suspicious of the repeated demands, the family approached the Hyderabad cybercrime police, who have since launched an investigation.
Cybercrime action and recovery efforts
In a separate update, Hyderabad cybercrime police reported intensified action against cyber fraud networks. Over the past few months, police registered 117 FIRs and arrested more than 37 individuals across 7 states in connection with 26 cases handled in January alone.
Authorities stated that ₹71.91 lakh was recovered and returned to victims during this period. The arrested individuals were found to be linked to 86 cybercrime cases across India, with total suspicious bank transactions estimated at around ₹65 crore.
Police data also revealed that in January, Zonal Cyber Cells received 1,706 complaints through the National Cybercrime Reporting Platform. During the same month, 315 FIRs were registered in Hyderabad related specifically to investment scams.
Investigations into the AI trading fraud case are ongoing, and officials have urged citizens to remain cautious while dealing with online investment platforms promising high returns.
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