HYDERABAD: A 69-year-old private employee, a resident of Kukatpally, lost Rs 1.88 crore after investing in a fake trading platform.
The victim said that on November 20, after seeing an advertisement on Instagram, he joined AI Quantum Trading named “Naka Solutions,” led by a person purportedly named Samriddisingh over email, where one person introduced herself as Siddarth Maheswari, claiming to be an advisor analyst who helps invest in crypto stock market institutional accounts and make money through AI crypto trading.
She asked him to download the “Naka Solutions” trading app via a link, helped set up his account with a user ID and password and started adding money for trading. He stated that initially, on her suggestion, he added Rs 23,000, which was converted to $250 from his bank account to the trading app, where she guided him through group chats and AI trading to withdraw $3.00, advising that AI would select stocks and maintain loss-free trades in crypto, yielding huge profits.
On November 26, as per her guidance, he deposited huge money in the name of investments. All transactions were transferred as INR to merchants who converted them to USD and deposited them in the account. When he tried to withdraw the money, the platform asked him to pay conversion fee, capital gain tax, transaction fee, gas fee, crypto tax and several other taxes.
Later, he realised that he was cheated by the fraudsters and approached the Cyberabad Cybercrime police. The police registered a case and launched an investigation.