{
  "id": 10853062,
  "title": "$50 Withdrawal Builds Trust, Indore Man Later Loses ₹7.20 Lakh In Fake AI Trading App Scam",
  "url": "https://urgent.news/2026/09/30/50-withdrawal-builds-trust-indore-man-later-loses-7-20-lakh-in-fake",
  "topic": "ai",
  "section": "AI",
  "published": "2026-09-30T03:30:00.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/indore/50-withdrawal-builds-trust-indore-man-later-loses-720-lakh-in-fake-ai-trading-app-scam"
  },
  "original_language": "en",
  "account": "A private firm employee in Indore was cheated of ₹7.20 lakh by fraudsters who enticed him into investing in a phony AI-based trading application that promised substantial returns. The Pardeshipura Police registered a case under appropriate sections of the Indian Penal Code and Information Technology Act following Vijay Bairwa's complaint. The scam started on August 7 when a man claiming to be Ankit Pal approached Vijay with the \"Value Trade\" app, assuring daily returns of 5% to 10% on a $100 investment. After depositing approximately Rs 10,000, Vijay was permitted to withdraw $50, apparently to win his trust. The fraudsters then requested larger payments for a $5,000 bonus, a \"Mega Trade,\" and brokerage fees. Although the app displayed a balance exceeding $19,000, Vijay was later asked to pay around Rs 71,000 as \"cross-country tax\" to release $15,000. He ultimately transferred the entire sum of ₹7.20 lakh in multiple transactions. Upon realizing he could not withdraw the money, Vijay discovered that no authorized company existed under the name \"Value Trade\" and reported the fraud to the National Cyber Crime Reporting Portal.",
  "summary": "Indore (Madhya Pradesh): A private firm employee was duped of Rs 7.2 lakh by fraudsters who lured him into investing in a fake AI-based trading app promising high returns. Pardeshipura Police registered a case under relevant BNS and IT Act sections after Vijay Bairwa’s complaint. Police said the fraud began on August 7 when a man identifying himself as Ankit Pal introduced Vijay to the “Value…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}