Bhopal: Using AI, Fraudsters Dupe Share Trader Of ₹1.86 Crore

Bhopal (Madhya Pradesh): A share trader was allegedly cheated of Rs 1.86 crore using an Artificial Intelligence (AI) tool, the cyber police officials said here on Monday. Probably, it is the first case in the state where the fraudsters used an AI tool to cheat a professional. SP, Cyber Cell, Vaibhav Shrivastava, told Free Press that they received a complaint in which a share trader said that he had lost Rs 1.86 crore in the name of trading. The police have registered a case and launched an investigation.

Modus Operandi

The trader was contacted through a social media platform to join share trading. The trader was assured that if he conducts his trading business through the social media platform, he will get a “good profit”.

Whatever the links were sent to him he “carefully” examined them and later joined it. The victim invested some money, the amount was invested in the particular share of a particular company.

The victim saw the change in the companies’ website and the same activities saw him on his mobile about the investment.

However, the website which was showing the “investment” was just a copy of the original website of the company. The victim kept on investing money and getting profit from the investment, but not in his account. One day he tried to take out some money, but he was denied the amount. When he tried to contact the social media platform people, none of them replied. He realised that he was cheated and contacted the cyber police.