Nursing College Officer Scammed Out of ₹9.41 Lakh in AI Trading Fraud

Post Views: 10

A 46-year-old administrative officer at a nursing college in Gwalior was reportedly scammed out of ₹9.41 lakh after being lured into a fraudulent artificial intelligence-driven trading and foreign exchange investment scheme.

The Scam Unveiled

Cybercriminals allegedly presented fabricated profit statements worth approximately ₹75 lakh to deceive the victim into making additional payments to access the funds. The scheme reportedly began when the accused introduced the victim to a company named ‘Value Trade,’ which claimed to offer automated trading solutions with guaranteed risk management and a 300% bonus. The fraudsters allegedly facilitated the creation of a demat account, which was later manipulated to display a fictitious profit of $90,000. This fabricated balance allegedly convinced the victim of the investment’s legitimacy.

The Victim’s Account

According to the victim’s account, a person named Akshay contacted him after the demat account was established. Akshay purportedly claimed the company utilized AI for forex trading and assured a 2% stop-loss limit on all transactions. He also allegedly pledged to invest ₹2.50 lakh himself and secure a 300% bonus from the company. The victim followed instructions to deposit approximately ₹3 lakh into accounts provided by the fraudsters. By July 25, the trading account reportedly showed a profit of $90,000. However, when the victim attempted to withdraw the funds, the accused began demanding further payments.

Escalation of Demands

On August 26, after submitting a withdrawal request, Akshay allegedly informed the victim he was unavailable and connected him with another individual, Akash. Akash reportedly demanded ₹9 lakh as a 10% profit-sharing fee and warned of a 1.5% daily penalty for delayed payment. Under pressure, the victim transferred ₹2 lakh to the specified account. The demands escalated further. A person identifying as Abhijeet Chauhan, posing as an accountant, contacted the victim and claimed verification and cash-payment requirements needed to be fulfilled. Chauhan allegedly requested personal documents, including the victim’s Aadhaar card, and instructed another payment. On August 28, the victim transferred ₹4,41,260. Despite these transactions, the promised profits remained inaccessible.

Police Investigation and Expert Advice

The victim eventually became suspicious and reported the incident to the national cybercrime helpline 1930. Police in Sirol are now investigating the case, tracing bank accounts used to receive the funds, and attempting to identify the individuals involved. Authorities have also initiated measures to freeze relevant accounts and determine if the perpetrators are linked to a broader cybercrime network. Cybercrime expert and former IPS officer Prof. Triveni Singh highlighted the psychological tactics employed in such scams. Fraudsters often create the illusion of high returns to build trust, then introduce fabricated requirements like taxes, processing fees, or verification charges when victims seek withdrawals. Singh emphasized that visible profits on a platform do not guarantee legitimacy. Investors are advised to independently verify a company’s regulatory status, payment methods, and withdrawal policies before transferring funds. Individuals encountering suspicious online investment activities are urged to immediately contact their banks and report the incident through 1930 to enhance the likelihood of recovering funds.

“Fraudsters often create the illusion of high returns to build trust, then introduce fabricated requirements like taxes, processing fees, or verification charges when victims seek withdrawals. Singh emphasized that visible profits on a platform do not guarantee legitimacy.”