Daijiworld Media Network – Bengaluru

Bengaluru, Apr 27: Several investors from Dakshina Kannada (DK) are among the victims of a major financial fraud involving crores of rupees that has come to light in Bengaluru, where a group allegedly duped people through a fake AI-based trading scheme.

The accused have been identified as Rajesh Kamat, Madhu and Nageshappa, who reportedly operated under the name Crystal AI Robot Trading Platform.

According to police, the racket functioned for nearly two to three years, targeting investors from across Karnataka as well as abroad. The accused had set up an office near Kengeri railway station in Bengaluru to gain credibility and attract investors.

The accused

They allegedly lured people by promising to double their investment within 200 days through so-called AI trading systems.

Investigators said the fraud was run in a chain-linked multi-level marketing model, with nearly 50 agents involved in mobilising funds from the public.

Police said a large number of victims are from Dakshina Kannada, besides several overseas investors.

Later, the accused allegedly shut down direct operations and continued the scam through a network-based model. Police also suspect links to Dubai.

Further investigation is in progress.