HYDERABAD: A 70-year-old retired employee has approached cybercrime police after his son allegedly lost ₹2.03 crore in an online investment scam in which fraudsters posed as fund managers using artificial intelligence-based trading strategies.
According to police, the victim — a resident of Mehdipatnam — was contacted by individuals claiming to represent a stock investment firm operating under the name “Schroders North America AI Quantitative Trading Team (SIMNA).”
The scammers reportedly shared fabricated performance reports and introduced a professional-looking trading platform called the SIMNA app to build credibility. The app allegedly displayed manipulated dashboards showing consistent profits and daily gains, encouraging the victim to invest progressively larger sums.
Police said the victim eventually mortgaged property through a private bank to raise funds for the investment. In total, ₹2.03 crore was transferred to the accused.
When he attempted to withdraw the funds, the fraudsters allegedly demanded additional payments, citing tax liabilities and processing charges.
Based on the complaint, Hyderabad cybercrime police have registered a case and launched an investigation to trace the accused and recover the funds.
Cybercrime Crackdown in January
Separately, Hyderabad cybercrime police reported intensified enforcement action in January. Officials said 117 FIRs were registered and 37 persons arrested across multiple states in connection with 26 cases. Approximately ₹71.91 lakh was returned to victims during the month.
Authorities noted that those arrested were linked to 86 cybercrime cases nationwide, involving transactions amounting to nearly ₹65 crore. In January alone, Zonal Cyber Cells received 1,706 complaints through the National Cybercrime Reporting Platform, leading to 315 FIRs.
