Indian Man Loses Ksh1.5 Million in Nairobi-Based AI Trading Scam
A 35-year-old man from Hyderabad, India, is counting heavy losses after falling victim to a fake AI trading scheme allegedly operated by a group of scammers based in Nairobi, Kenya.
The man lost a total of ₹972,276, which is roughly equivalent to Ksh1.5 million in current exchange rates.
According to a report published by The Hindu, the Indian national was lured into the fraudulent scheme by a group of cybercriminals posing as financial experts.
They were running an online trading platform under the name “Bull Markets,” which claimed to use artificial intelligence (AI) to generate high returns for investors.
The scam began when the man made an initial payment of ₹20,106.65 (approximately Ksh30,580) to a merchant in Nairobi.
Soon after, the trading platform showed a small profit of $30 (around Ksh3,883), which made the investment appear genuine and encouraged the man to put in more money.
Trusting the platform, he went ahead and deposited an additional ₹90,835.63 (about Ksh138,151). To gain his confidence further, the scammers allowed him to withdraw $50 (around Ksh6,472), making it seem like the platform was legitimate.
Believing he was on the path to high earnings, he made three more deposits — two of ₹49,663 each (Ksh75,512 each), and another of ₹45,904 (Ksh69,787).
However, things started going downhill when he tried to withdraw $1,900 (Ksh245,955). The fraudsters discouraged him, falsely claiming that withdrawing the funds would affect his eligibility for future trades. That marked the beginning of the deception becoming more evident.
Shortly afterward, the scammers tampered with his online account and showed false data indicating that his margin level had dropped.
They began sending him alarming emails, warning him that his trading positions were in danger of being closed. Despite the red flags, the fraudsters continued pushing him to deposit more funds.
At one point, the man sent ₹27,407 (Ksh41,669) to a new merchant account, which suspiciously showed up as a meat shop — causing him to question the legitimacy of the operation.
Still trying to recover his earlier investments, he made a final desperate deposit of ₹228,671 (Ksh347,694). Unfortunately, this attempt also failed, and he was permanently locked out of his account.
By the time he realized he had been conned, he had deposited a total of ₹972,276, equivalent to around Ksh1.5 million.
As a final move, the scammers sent him legal documents to sign, likely to make the operation appear official. However, by then he had grown suspicious and refused to sign anything.
The man has since reported the incident to the Cybercrime Wing of the Hyderabad Police. Authorities have registered the case and are currently carrying out investigations to trace the fraudsters and bring them to justice.
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