An Indian man is counting losses after he was conned out of ₹9.72 lakh (about Ksh1.5 million in current exchange rates) in an AI trading scheme carried out by a team of fraudsters based in Nairobi, Kenya.
According to a report by The Hindu, the 35-year-old man from Hyderabad had been promised high returns in an AI-based trading platform by the fraudsters who were operating under a platform dubbed Bull Markets.
Over two weeks, the Indian man sent a series of payments starting with an initial deposit of ₹20,106.65 (about Ksh30,580 in current exchange rates) to a merchant in Nairobi.
Shortly after, the site displayed a minor profit of $30 (Ksh3,883 in current exchange rates), which encouraged him to invest further, upon which he deposited ₹90,835.63 (Ksh138,151 in current exchange rates) more.
