A Bengaluru-based scam duped investors through a fake “AI robot trading” platform promising to double money in 200 days. Victims, many from coastal Karnataka, lost lakhs before the accused vanished.
Bengaluru: A huge money-doubling scam has just come to light in Bengaluru, leaving investors in a state of shock. A gang has been busted for cheating people out of crores of rupees by promising huge returns through a fake 'AI Robot Trading' platform. It turns out this organised racket was active for the last two to three years.
The main accused in this case are Rajesh Kamath, Madhu, and Nageshappa. They created a fake investment platform called 'Crystal AI Robot Trading'. Their big promise? Your money would double in just 200 days. They convinced people to invest lakhs of rupees with this false guarantee. Their strategy was simple: in the beginning, they gave some investors small profits to build trust. Once people were convinced and invested more money, the scammers would cut off all contact.
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Coastal Karnataka Residents Were the Main Target
The accused built their network just like a chain-link company. They hired over 50 agents to bring in more and more investors. The investigation has revealed that they didn't just take money from people in Karnataka, but also from Indians living abroad. A large number of victims who lost their money are from the coastal Dakshina Kannada district.
Initially, the accused set up an office near the Kengeri railway station in Bengaluru. As their network grew, they tricked people into believing they had offices in foreign locations like Dubai, all under the guise of a “network business.” They used social media and personal contacts to find investors, luring them with the promise of quick and high profits.
Investigation Is On
After the scam was exposed, the Bengaluru CCB police questioned the accused. However, the men who allegedly masterminded this multi-crore fraud are now out on bail. The police are continuing their investigation to understand the full extent of the scam, track the money trail, and identify others who might be involved.
This case is another reminder of the dangers of get-rich-quick schemes. People who invested their hard-earned money hoping for quick profits have now lost it all, proving once again that if something sounds too good to be true, it probably is.
