A cyber fraud of ₹7.20 lakh in the name of AI trading: regained trust by returning $50, but lost money in the name of bonus, mega trade, and tax.

A case of cyber fraud has come to light in the Pardesipura police station area of Indore, India, where a young man was defrauded out of ₹7.20 lakh by promising huge profits through an AI-based trading app. The fraudsters initially gained the young man's trust by making him invest $100 and then refunded $50. Subsequently, they continued to deposit money in different installments under the guise of bonuses, mega trades, brokerage fees, and taxes. On Monday, Pardesipura police registered a case against unknown accused.