HYDERABAD: A 70-year-old retired employee has lodged a complaint with cybercrime police after his son lost Rs 2.03 crore in an investment fraud, in which scammers posed as professional fund managers using artificial intelligence-based trading strategies.
The victim, a resident of Mehdipatnam, was contacted by individuals claiming to represent a stock investment firm named ‘Schroders North America AI Quantitative Trading Team (SIMNA)’. The fraudsters shared fabricated performance reports and showcased a proprietary-looking trading application called the SIMNA app to gain his confidence.
According to the complaint, the platform displayed fake dashboards with false profits and daily trading gains, prompting the victim to invest increasing amounts over time. Influenced by repeated assurances, he even mortgaged property through a private bank to raise funds.
In total, the victim transferred Rs 2.03 crore. When he attempted to withdraw the amount, the fraudsters demanded additional payments, citing tax liabilities. Based on the complaint, Hyderabad cybercrime police registered a case and launched an investigation.
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