Retired banker duped of Rs 30 lakh in fake Quantro AI trading app scam

A retired banker aged 70 became the latest victim of an investment fraud scheme centred around a counterfeit trading application called Quantro AI. The senior citizen lost Rs 30 lakh after being deceived by scamsters who posed as legitimate financial service providers and convinced him to download the fraudulent app.

The victim, whose banking background made him seem like an ideal target for scammers, initially came across promotional material for the Quantro AI app. The fraudsters claimed the application used advanced artificial intelligence to generate consistent profits through automated trading in financial markets. Believing the promises of guaranteed returns, the retiree downloaded the app and began transferring money to the accounts specified by the criminals.

Over a period of time, the scammers maintained the deception by showing the victim fake profit confirmations and transaction records through the fake app interface. These false displays convinced him that his investments were growing, encouraging him to deposit additional funds. The criminal network behind the operation systematically extracted Rs 30 lakh from the senior citizen before he discovered the fraud.

Once the retired banker realised he had been cheated, he approached authorities and filed a complaint. His case exemplifies a growing trend of cybercriminals targeting senior citizens and retired professionals who possess savings and are often less familiar with digital security risks. The fraudsters exploit trust and use technical-sounding terminology to appear credible to older investors.

The incident highlights the dangers of unverified investment apps and the importance of verifying financial platforms through official regulatory channels before transferring money. Residents are advised to cross-check any investment opportunity with the Securities and Exchange Board of India (SEBI) and other legitimate financial authorities. Banks and financial institutions have warned customers against downloading trading apps from untrusted sources or responding to unsolicited investment offers received through social media or messaging applications.

Authorities are investigating the case to identify and apprehend the individuals responsible for operating the scam network. The case serves as a warning for other potential victims to exercise caution when approached with promises of high investment returns through unproven digital platforms.

Source: Times of India