SEARCH

    Saved articles

    You have not yet added any article to your bookmarks!

    Browse articles
    Select News Languages

    GDPR Compliance

    We use cookies to ensure you get the best experience on our website. By continuing to use our site, you accept our use of cookies, Privacy Policies, and Terms of Service.

    newshunt
    newshunt

    Hyderabad Man Loses Rs 2.36 Crore In WhatsApp 'AI Trading' Scam: Here's What Went Down

    16 hours ago

    Ever came across a WhatsApp group that promises you professional stock tips, certain AI-based trading algorithms, and simple methods of multiplying your funds? Well, such a thing actually exists, and it proved to be a nightmare for one man in Hyderabad. A 52-year-old working in the private sector was a victim of an elaborate online fraud that cost him a whopping Rs 2.36 crore. 

    As reported by The420, the scammers had established an organisation referred to as "Shoonya", purporting to offer an exclusive AI-based trade hub. Members were duped by well-planned fraud and lost their hard-earned savings instead of earning profits.

    AI-Themed Investment Scams on the Rise

    According to officials, fraudsters are taking advantage of buzzwords such as AI and machine learning to build trust. The common features of such scams would include fake dashboards, guaranteed profits, and pushing victims to continue depositing.

    According to the victim, the group instructed him to download a mobile application meant to show false profits. Upon observing seemingly successful trades, he became more confident and started putting in larger amounts of money, including contributions toward supposed IPOs. Every time he requested to withdraw his earnings, the platform denied the request, claiming that he had to add more deposits.

    Over several months, he ended up transferring Rs 2,36,40,000 across multiple transactions. When no withdrawals were ever processed, he understood that he had been defrauded and filed a complaint. Police have registered a case under cybercrime provisions and begun tracing the accused.

    Safety Tips for Investors

    To avoid similarly losing money, here's what you should ideally keep in mind:

    • Trade on platforms that are registered with SEBI or other regulating bodies.
    • Be wary of unsolicited WhatsApp/Telegram investment groups.
    • Avoid gimmicks that promise abnormal or guaranteed returns.
    • Check withdrawal procedures before making large transfers.
    •  Report suspicious applications or groups to the national cybercrime helpline.

    With AI hype on the rise, officials are fearful that these types of scams will only increase. The only way to avoid digital fraud and losing your hard-earned money is to remain alert.

    Click here to Read more
    Prev Article
    iPhone 17 Leaks: Pro Max Model Might Leave Samsung Behind With Telephoto Upgrade. What We Know So Far
    Next Article
    5 Best Cryptos To Buy As Binance Coin (BNB) Enters Price Discovery After New ATH

    Related Technology Updates:

    Comments (0)

      Leave a Comment