Bengaluru engineer clicks on ad for ‘Quantum AI’ trading, loses Rs 1.94 crore

A Bengaluru engineer suffered a financial loss of Rs 1.94 crore after falling victim to an online trading scam, the police have reported. The incident began in February 2026 when the 47-year-old engineer saw a Facebook ad for "Quantum AI" investment scheme. He clicked on the ad and was directed to a website where he was contacted by a representative named Raja S, claiming to be an account manager from Proxtrend trading platform.

The engineer began trading on February 27, transferring Rs 1,94,68,235 to Proxtrend for trading and investment purposes over a period of seven months.

When he attempted to withdraw his funds, the engineer encountered difficulties and was pressured to continue trading. He was offered the option to trade larger lots, which he believed would facilitate the conversion of his funds into a secure account. Despite his concerns, the engineer was told that his money was being held up due to requirements involving HSBC and government-related conditions, sometimes even being asked to make additional payments of Rs 50 lakh or Rs 20 lakh to release the funds.

The police have registered a case against Proxtrend Ltd, which the complaint alleges is registered on Moheli Island in the Comoros and regulated by the Mwali International Services Authority. The platform's services involve CFD trading with a risk warning, but the engineer's money is believed to have been diverted to multiple accounts and converted into cryptocurrency. The East CEN police station has registered the case, alleging charges of cheating, identity theft, and impersonation.