Bengaluru: Another high-tech financial fraud has come to light in the Silicon City. A massive scam involving the misappropriation of crores of rupees under the pretext of Artificial Intelligence (AI) trading has now reached the doorstep of the Bengaluru City Central Bureau (CCB).
The Modus Operandi: How the Scam Worked
Operating under the name 'Crystal AI Robot Trading Platform,' this fraudulent network had been active for the past two and a half years. The accused lured unsuspecting investors with the tempting promise that AI-powered robots would conduct high-frequency trading on their behalf, effectively doubling their money (Money Doubling) in just 200 days.
FIR Filed Against Key Accused
An FIR has been registered against the primary suspects, identified as Rajesh Kamath, Madhu, and Nageshappa. The trio had set up a sophisticated office near the Kengeri Railway Station in Bengaluru to run their operations. Investigations have revealed a shocking depth to the scam; the group operated like a 'Chain Link' or MLM (Multi-Level Marketing) scheme, employing a dedicated team of nearly 50 agents to solicit investments.
Coastal Karnataka Residents Worst Hit
The scam's reach extended beyond state lines, targeting Kannadigas living across India and even those residing abroad. However, data indicates that the majority of the victims hail from the coastal belt of Dakshina Kannada. Attracted by the prospect of high returns, many have lost lakhs of rupees, leaving them in financial distress.
A Global Network: The Dubai Connection
The fraudulent network wasn't confined to Bengaluru. The accused had reportedly established an office in Dubai to expand their network and target Non-Resident Indians (NRIs) under the guise of "Network Business." While the CCB police had previously taken the suspects into custody for questioning, the fact that they are currently out on bail despite the scale of the fraud has caused significant concern among the public.
CCB Police Issue Public Warning
The Bengaluru CCB Cyber Crime cell is currently intensifying its investigation into the matter. Highlighting the recurring nature of such scams, the police department has issued a stern warning to the public:
"Be extremely cautious of companies promising to double your money in a short period. Do not fall prey to such unrealistic technological gimmicks or 'get-rich-quick' schemes."