A major investment fraud has surfaced in Bengaluru after police busted a gang accused of cheating people out of crores of rupees through a fake “AI Robot Trading” platform that promised to double money in 200 days.
According to reports, the accused were identified as Rajesh Kamath, Madhu and Nageshappa.
The trio allegedly operated a fraudulent platform named Crystal AI Robot Trading.
Promise of fast returns
Investigators said investors were lured with claims that their money would double within 200 days.
To build trust, the accused allegedly paid small returns to some early investors. Once larger sums were invested, communication reportedly stopped.
Police believe the scam had been active for the past two to three years.
Coastal Karnataka among worst hit
Authorities said the accused built a chain-style network and hired more than 50 agents to attract fresh investors.
Victims were reportedly spread across Karnataka and even among Indians living abroad.
A significant number of those affected are said to be from Dakshina Kannada, raising concern in coastal Karnataka.
Fake offices and online lure
The accused initially operated from an office near Kengeri railway station before allegedly claiming to have overseas offices in places such as Dubai.
Police said social media promotions and personal contacts were used to attract more investors with promises of high profits.
Probe continues
The Bengaluru CCB Police questioned the accused after the fraud surfaced. Reports said the main accused are currently out on bail while the investigation continues.
Officials are now examining the total money involved, tracing funds and identifying any wider network connected to the fraud.
Authorities have once again urged the public to be cautious of schemes promising unrealistic guaranteed returns.