Kundapura: AI based share market investment fraud – Victims lose over Rs. 70 lakhs

Team Udayavani, Nov 8, 2023, 8:07 PM IST

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Kundapura: Investors lost more than Rs 70 lakhs in a fraudulent AI-based investment scheme. According to a complaint filed at the Kundapura Police Station, the victims were lured into believing that investing in the stock market using artificial intelligence (AI) would yield substantial profits.

The complainant, who is an investment advisor, claimed that a woman named Geeta from Hassan introduced him to the alleged masterminds, her daughter Sinchana and son-in-law Prakyat V P.

Prakhyat, along with the other accused, allegedly convinced the complainant that he had been investing through a website named ai6index[dot]com, with its purported headquarters in Dubai, which was purportedly making share market investments based on AI recommendations and was making high returns on his investments.

Trusting these assertions, the complainant further propagated the ai6index platform among his acquaintances, friends, and relatives, encouraging them to invest. In total, the complainant and his associates deposited Rs. 66,33,600 into Sinchana’s account and Rs. 4.50 lakhs into Prakyat’s account.

Subsequently, they were provided with user IDs and passwords. However, the website became inaccessible as of July 20, leaving the complainant and his associates in the lurch.

Based on the complaint Kundapura police have registered a case against the accused duping investors.