HYDERABAD: A 70-year-old retired employee has lodged a complaint with cybercrime police after his son lost Rs 2.03 crore in an investment fraud, in which scammers posed as professional fund managers using artificial intelligence-based trading strategies.
The victim, a resident of Mehdipatnam, was contacted by individuals claiming to represent a stock investment firm named ‘Schroders North America AI Quantitative Trading Team (SIMNA)’. The fraudsters shared fabricated performance reports and showcased a proprietary-looking trading application called the SIMNA app to gain his confidence.
According to the complaint, the platform displayed fake dashboards with false profits and daily trading gains, prompting the victim to invest increasing amounts over time. Influenced by repeated assurances, he even mortgaged property through a private bank to raise funds.
In total, the victim transferred Rs 2.03 crore. When he attempted to withdraw the amount, the fraudsters demanded additional payments, citing tax liabilities. Based on the complaint, Hyderabad cybercrime police registered a case and launched an investigation.
Hyderabad cyber cops arrest 37, return Rs 71.91 lakh to victims in Jan
Hyderabad cybercrime police registered 117 FIRs and arrested 37 persons from seven states in connection with 26 cases in January. An amount of Rs 71,91,371 was returned to victims during the month. Police said the arrested individuals were linked to 86 cybercrime cases across the country, with bank transactions totalling around Rs 65 crore. During January, Zonal Cyber Cells received 1,706 complaints through the National Cybercrime Reporting Platform, leading to the registration of 315 FIRs.