Udupi Man Loses Rs 57.7 Lakh in Elaborate AI Trading Scam
In a distressing case of cyber fraud, a man from Udupi was allegedly cheated of nearly Rs 57.7 lakh after being enticed into investing in an AI-based trading platform. The elaborate scam unfolded through social media advertisements and messaging apps, highlighting the growing risks of online investment schemes.
How the Scam Unfolded: From Facebook to WhatsApp
The complainant first encountered a video advertisement on Facebook promoting high-return investments. Intrigued by the promise of lucrative profits, he contacted the mobile number provided in the ad. Shortly after, unknown individuals added him to a WhatsApp group named ‘Manav Verma’, where the scheme was further promoted.
On September 17, 2025, an unidentified person contacted the victim via a WhatsApp call, aggressively encouraging him to invest in the stock market through their platform. The caller assured substantial profits, with follow-up messages on WhatsApp reinforcing these claims. Believing the assurances, the complainant began transferring money as instructed.
Financial Transactions and the Aftermath
Between December 2, 2025, and February 9 of this year, the victim transferred a total of Rs 57.7 lakh from his bank account to various accounts provided by the accused. The transactions were conducted via NEFT and RTGS, as directed in the WhatsApp group. However, after the transfers were completed, the accused neither returned the invested amount nor provided any profits, effectively vanishing with the funds.
The victim, realizing he had been cheated, filed a formal complaint with the authorities. Based on his report, a case has been registered at the CEN crime police station. The charges are filed under relevant sections of the Information Technology (IT) Act and the Bharatiya Nyaya Sanhita (BNS), reflecting the serious nature of this cybercrime.
Broader Implications and Warnings
This incident underscores the dangers of unsolicited investment offers on social media and messaging platforms. Scammers often use sophisticated tactics, including fake testimonials and high-pressure sales pitches, to lure victims. Experts advise caution when encountering such schemes, emphasizing the need to verify the legitimacy of platforms and avoid sharing personal or financial details online.
Authorities are investigating the case to identify the perpetrators and recover the stolen funds. The public is urged to report similar incidents to help combat the rising tide of digital fraud.
